Cryptocurrency Exchange in South Korea to Pay for Investors Hacked Amount per Court

By Maheen Hernandez September 29, 2019 0
South Korea crypto court

A South Korean court ruled that the cryptocurrency exchange should reimburse the 25 million won ($20,800) to its investors after it was hacked.  There was to be a daily withdrawal limit in place.  The attacker stole 45 million using the personal login details of the investors. Considering the daily withdrawal limit of 20 million, the court ordered that the CoinOne cryptocurrency exchange should reimburse 25 million, the amount which was beyond the permitted withdrawal limit to the investor.

There was yet another cyber-attack at Strathroy manufacturer. 

Const. Mark Thuss stated in an e-mail, “The Strathroy Caradoc Police criminal investigation division is in charge of the investigation and is in consultation with the OPP cybercrime unit.” In a statement, it was revealed, “Industry experts in cybersecurity, forensics, virus detection, and disaster recovery are part of the team.”

In the past week, city hall stated that they paid $75,000 in Bitcoin to the hackers to release their computer network.

In a recent ransomware attack, a hacker cut off access to personal files and demanded payment from the victim either in credit card or cryptocurrency to make it available over again. Following the event, Albany has been working with the State Information Technology Services to determine the method by which hackers were able to access the files.  They were working closely with the FBI to decide who was responsible.

A teenager was recently arrested in the UK for trying to hack the unreleased music of famous artists eventually selling them for cryptocurrency. A 19-year-old was trying to access unreleased material of “award-winning international superstars” to trade them for cryptocurrency eventually.

Ordinary people were finding new opportunities with cryptocurrencies. To provide for real value, a fully-fledged cryptocurrency should be having two mutually exclusive properties to provide for its security and cost.  The anonymity factor of the Bitcoin attracted several users to its network for the new level of financial freedom that is provided for its investors; however, this also lead to hackers, and scammers misuse the process.

Bitcoin mixers provided some transaction anonymity eventually providing for the protection of finances and personal data. Bitcoin Mixer chopped down transactions into smaller payments and sent them to different addresses making the tracking difficult.  Those who are scared to invest in cryptocurrency for fear of hackers need to know that such services make it easy to venture into the cryptocurrency market.