Korean FTC to Order 12 Exchanges to Revise User Contract

Exchanges will have to review their users' agreements and make changes to them
05 April 2018   944

The Fair Trade Commission of the Republic of Korea (FTC) has obliged 12 local crypto exchanges to terminate contracts with customers that users agreed during registration at trading sides. This is reported by Yonhap.

According to representatives of the FTC, the so-called merger agreements, in which the weak party either agrees to all conditions, or refuses to cooperate, may have a negative impact on the safety of users. Such contracts are often concluded with leasing, insurance, mortgages, etc., but they do not provide the necessary protection for clients of crypto-exchange trading platforms.

In particular, existing contracts restrict customers in withdrawing funds from deposits. In addition, methods that use exchanges, forcing users to incur financial losses at the time of the end of cooperation with the exchange.

Thus, the trading platforms will have to revise their user agreements and in make changes inĀ it.

In March, South Korean regulators announced an audit of the activities of banks working with crypto exchanges.

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   452

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.