Not 10 days have passed since the last attack to a Exchange and we have to talk about another robbery, in this case the attack on the Bithumb He took away. 31.5 million in cryptomonedas Last June 19. Bithumb is the seventh Exchange in volume around the world, is not even a Exchange small where security measures have not been properly implemented… that is, that the cybercriminals know exactly what they do and to what kind of services they should focus their efforts.
This attack is the second we see a South Korean Exchange in a few weeks. (remember that South Korea is the most active country cryptomonically speaking), which does not help much for the market to regain confidence after 6 months down the value of the BTC (at the time of writing this post is at $6719 (nothing to do with the price we were talking about the first time we talked about Bitcoin.)
South Korean legislators
As we have commented, South Korea is one of the ‘influencers‘in the world of crypt. Rumor of a ban on cryptomoneda trade in the country a few months ago caused the price of Bitcoin to fall to $6020., the lowest price in 2018. However, the South Korean government has treated this important part of its economy with fear, and in September 2017 they banned the ICs (of which we are talking. also in this post), which led new South Korean companies to
make your offers through Hong Kong or Singapore.
In early May, South Korean legislators opened the possibility of a partial revocation of the ban by calling for public organizations and research centres committed to the promotion and development of blockchain technology to make symbolic offers (i.e. they can perform an ICO). We’ll see what this is all about after the two major robberies that have suffered both Bithum and Coinrail as we commented 10 days ago. What does look like cl
It’s just that, in case the Korean authorities finally react and change the restriction, they will place greater emphasis on the protection and safety of cryptomoneda portfolios as part of any new change.
Is there any ‘insurance’ for this kind of robbery?
There is no insurance as such and neither can you ‘undo’ changes’ in the block chain, but both Bithumb and Coinrail seem to be considering the possibility of reimbursing the users whose accounts were attacked during the two robberies, although there is nothing confirmed. Bithumb published a tweet about it and at the time was removed, so it is not known whether they want to do it later or if they finally consider that it is not possible to repay the amount of Ripples (XRP) removed.
And why do we care about this?
Why do we give importance to a cyber attack on a South Korean Exchange if we wouldn’t talk about a cyber attack on any other South Korean website? Because This kind of robbery makes people lose confidence in cryptomonedas and therefore the price of the Bitcoin (and consequently the price of all the altcoins), which can be reduced by 5 to 10%. It is true that in terms of the stock market 5% is an ANIMALADA and in cryptomonedas is a virtually negligible value, but this kind of news doesn’t help there are more people using cryptomonedas and that’s bad for
All of them. Cryptomonedas are a reality that we will use in our day-to-day future, so we have to do what is in our hand so that the public will gain confidence and there will be more and more FIT money converted to cryptomonedas.
UPDATE: BitHumb has confirmed that it will reimburse the money taken from its customers! Imagine the money that an Exchange of this kind generates so that they can redeem the $31.5 million in their own pocket… we should still ride one.