S. Korea seeks cooperation in cryptocurrencies regulation

South Korean financial regulators intend to join forces with colleagues from China and Japan to develop common rules for cryptocurrencies trading
10 January 2018   148

Representatives of the Financial Services Commission of South Korea (FSC) held a meeting with representatives of similar services in Japan and China and discussed the issue of regulationg of cryptocurrencies. This is reported by Yonhap News.

FSC Chief Choi Jong-Ku told reporters that regulators intend to deal with speculative investments. In his speech, Jeong Koo called investment in crypto currency "irrational".

Fever of speculative investment in cryptocurrencies is ongoing. However, cryptocurrencies are unable to play a role as a means of payment.

Choi Jong-Ku
Chief, FSC

The publication was posted shortly after it became known that the Financial Intelligence Service (KoFIU) and the Financial Supervision Service (FSS) of South Korea began checking six banks working with the Crypto-Currency Exchange to ensure that they follow the new rules aimed at combating money laundering. 

Yonhap News also notes that despite a boom in cryptocurrencies, their exchanges go largely unregulated in South Korea, as they are not recognized as financial products. There are also no rules for protecting cryptocurrency investors.

Tesla's cloud account hacked to mine cryptocurrency

Independent security group discovered Tesla's cloud account being hacked and infected with a miner-virus
21 February 2018   23

Cryptocurrencies are on the rise and all sorts of shady characters are trying to get in with dubious methods. Recent string of hacking attacks is a perfect example. And now not only exchanges and users with their hard-earned coins are in danger, but also companies with large cloud infrastructure face the same threat.

RedLock, a security research firm, reports that electric car manufacturer Tesla's cloud account information has been leaked to the internet, which allowed hackers to access the company's cloud. It has been hacked and hardware infected with a miner virus called Stratum. The mining protocol masks itself with low CPU usage and obscuring the IP of the mining server.

Of course, RedLock immediately contacted Tesla with this information and the company quickly got to fixing the breach. Tesla's spokesperson assured us that customer personal information hasn't been compromised, and that the vulnerability was patched in a matter of hours. Only small test park of internally-used engineering sample cars has been impacted and no indication whatsoever discovered that actual customer cars have been compromised in any way.

It certanly looks possible, because according to the same RedLock Cloud Security Intelligence group mining profitability of Tesla's cloud is worth a lot more that all the customer data available could be sold for on the black market. This also isn't the first instance of such a hack with no data being stolen. In fact, hacks with intention of hijacking mining capacity has already targeted Gemalto, a world's largest SIM-card manufacturer, and Aviva, a British insurance company, just to name a few.