Cryptocurrencies like Bitcoin have no physical entity and exist only in blockchain networks. It is cryptocurrency hacking that hackers find security vulnerabilities in blockchain and systems, hack them, and steal them.
Cryptocurrency holders log in to and use exchanges or wallet services through the Internet, and at that moment, the coin is withdrawn to the hacker’s wallet address.
Like the North Korean hackers prosecuted this time, it is almost impossible to find them again once they are hacked and the coins are stolen unless the US federal police or federal prosecutors are fully mobilized and tracked for a long time. Hacking targets include not only individuals but also cryptocurrency exchanges. North Korean hackers also attacked cryptocurrency exchanges to steal $75 million from Slovenian companies in 2017, $25 million from Indonesian companies in 2018, and $11.8 million from a bank in New York last August. The Los Angeles Prosecutors’ Office and the Federal Bureau of Investigation (FBI) have been issued warrants to confiscate $1.9 million worth of cryptocurrency allegedly stolen by hackers from a New York bank. The US government will collect this money and return it to the bank.
-If the cryptocurrency exchange is robbed, the problem of compensation for damage to the users held by the exchange is bound to be raised. However, there is still no obligation to compensate for damage caused by hacking. Therefore, depending on the situation, the exchange may take the damage itself or share it with users. In the worst case, if the hacking damage is enormous, the exchange may be completely closed without compensation.
In 2014, about 850,000 bitcoins were hacked on Mount Cox, a cryptocurrency exchange. At the time, the market price was about 473 million dollars, and the current market price was about 42.5 billion dollars (about 46.7 trillion won). Mount Cox, who suffered massive damage, went bankrupt.
Personal cryptocurrency wallets may be hacked. All cryptocurrencies provide a personal wallet that allows individuals to store their own coins. Personal wallets are managed through the user’s PC or smartphone, in which a hacker accesses the PC or smartphone and steals the cryptocurrency stored.
To prevent this, it is best for cryptocurrency investors to pay attention in advance to avoid being hacked.
Cryptocurrency expert Lee Chung, CEO of Das Academy, said, “It is important to keep in mind that the cryptocurrency exchange is for’transaction’ rather than’storage’. It is good to take security measures for this,” he advised.
Reporter Kim Kwang-hyun [email protected]
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