Korean CoinNest exchange CEO detained for fraud

South Korean media reported today that CEO of CoinNest (South Korean-based cryptocurrency exchange) has been  imprisoned for embezzlement and swindle
05 April 2018   1158

According to the information by South Korea’s Seoul District Prosecutors’ Office, this week (on Monday) it had incarcerated Kim Il-hwan, co-founder of CoinNest. This is the first time a member of a Korean cryptocurrency exchange has been incarcerated. Prosecutors consider that the CoinNest administrative has redirected customer funds to the company executives`benefits.

The prosecution’s order of arrest for Kim was moved by The Seoul Metropolitan Governmental Financial Investigation Division scan of three virtual exchanges launching on December 12th, 2017. CoinNest was included in this pursuit.

The prosecution was also announced to be investigating another virtual cryptocurrency exchange that invested means collected from ordinary people with a help of a deceptive scheme. Adding to the curious disposition of the arrest, the Korea Blockchain Association said, “CoinNest already resigned before the investigation.”

South Korean government is supposed to pay more attention to transparency in cryptocurrency trading within the framework of the current law, and definitely obstruct  illegal and fraudulent activities, but it stopped short of banning trading.

The authorities have made indefinite and sometimes contradictory statements about the possible ways of regulation cryptocurrency exchanges. Though their positions have been clarified a little later at formal press events, news hearsays and the language/cultural barrier have been accused for causing different asset prices to both soar and tank in recent months.

The country has taken a key position for digital asset trading in the past year as volumes shifted away from China, regulation in Japan constricted, and unclear local laws promoted a degree of anonymous and unregulated activity.

China to Finance Hacker Attacks on Exchanges, - FireEye

Experts believe that the victims of APT41 are industry participants, the development of which is a priority in the current Chinese five-year period
08 August 2019   288

The hacker group APT41 attacks companies in the areas of healthcare, telecommunications, fintech, media, and cryptocurrency exchanges. This activity is funded by the Chinese government, according to analysts of cybersecurity company FireEye.

Experts believe that the victims of APT41 are industry participants, the development of which is a priority in the current Chinese five-year period.

Industries Targeted by APT41
Industries Targeted by APT41

At the same time, APT41 pursues its own goals, extracting financial benefits from attacks, which is unusual for other groups under the Chinese government, according to FireEye.

APT41 is known to include at least two people with the pseudonyms Chzan Xuiguan and Wolfji. The group probably has connections with other hacker organizations like BARIUM and Winnti.

FireEye also evaluated at what time of the day the APT41 attacked the gaming industry (its core target) and businesses from other areas. It turned out that this was happening outside the framework of a standard working day - probably these people, among other things, have the main job.

APT41 Operational Times
APT41 Operational Times

According to the UN Security Council, hackers under the DPRK government stole about $ 2 billion from banking institutions and cryptocurrency exchanges.