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Hacking Risks Related to Trading of Virtual Currency Are Mounting
Virtual Currency
Hacking Risks Related to Trading of Virtual Currency Are Mounting
  • By Jung Suk-yee
  • July 18, 2017, 03:00
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The daily virtual currency trading volume is estimated at 200 billion won in South Korea.
The daily virtual currency trading volume is estimated at 200 billion won in South Korea.

 

The number of hacking incidents targeting virtual currency exchanges is skyrocketing along with the volume of trading of virtual currencies such as Bitcoin and Ethereum.

Since May this year, the number of email-based hacking attempts targeting employees working for such firms has soared in particular. These attempts are characterized by infecting their computers with malicious codes once attachments to fake emails are opened.

“The number of such malicious codes was close to zero last year, but it is increasing rapidly these days,” said an industry source. Still, victims of the recent hacking of exchanges such as Yapizon and Bithumb are distant from legal remedy as of now due to the lack of legal regulations covering virtual currencies and virtual currency exchanges.

“Virtual currencies are equivalent to cash and, as such, virtual currency exchanges need to be equipped with security measures comparable to those of financial institutions,” the Korea Internet & Security Agency advised. At present, the daily virtual currency trading volume is estimated at 200 billion won in South Korea. Local information security agencies also pointed out that users need to be very careful because such hacking attempts are likely to follow one another for the time being.