Virtual Money Investors ‘Panic’ after Bitsum’s Hacking incident
Virtual Money Investors ‘Panic’ after Bitsum’s Hacking incident
  • Jung Se-jin
  • 승인 2018.06.22 15:53
  • 댓글 0
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Investors are shocked and terrified by the hacking of the nation’s largest virtual currency exchange company, ‘Bitsum’. On the morning of June 20th, Bitsum stopped virtual currency and bank services after reporting a hacking incident to the Korea Internet Security Agency (KISA), which is under the Ministry of Science and Technology. 

According to Bitsum, the hacking attack took place from 11 p., to 4 a.m on June 20th, and about 31.5 million dollars’ worth of virtual currency, including ripple, was stolen. 

This incident is making investors worry because it happened just ten days after the theft of 36.1 million dollars’ worth of virtual currency from ‘Coin Rail’. 

In the afternoon of June 16th, Bitsum was attacked by a hacker, thus limiting virtual currency deposits and started checking their server. Bitsum explained that all of the customers’ assets were transferred to the ‘cold wallet’, an external storage device that is not connected to the Internet. 

The problem, however, was that the ‘hot wallet’, an account linked to the Internet, left the exchange with a virtual currency worth 135.3 million dollars.Bitsum explained that the virtual currency stolen from the hack was the company’s reserve, and the virtual currency held by customers was not leaked. Furthermore, Bitsum officials added that the stole virtual currency will be covered by the company’s ownership.

‘Hot wallet’ has become a major target for hackers in recent years. The hacking of Coin Rail was also carried out on Hot Wallet on June 10th, and the amount of damage suffered by domestic exchanges in the past year amounted to 90.2 million dollars.

Experts fear further damage, saying, “The virtual currency investment boom last year caused exchanges to mushroom, but many of them failed to establish a proper security system.” In particular, Bitsum is the seventh largest trading company in the world, with a trading volume of 450.8 million dollars per day, which is adding to the anxiety of invertors. 

In February, Bitsum introduced ‘Ahnlab Safe Transaction’, an integrated security solution used by banks, and filled 21 percent of all employees with Information Technology (IT) personnel. In April, Bitsum requested the Information Security Management System (ISMS) to be certified, but was rejected for failing to meet the requirements.  

Meanwhile, as the fact of the hacking of Bitsum was revealed, the price of major virtual currencies such as Bitcoin collapsed to around 10 percent on June 20th, and the global virtual currency market value also evaporated about 9.02 billion dollars in an hour.

In addition, Bitsum is expected to be insured even though it has the largest insurance coverage in the Korean exchanges. Bitsum has signed an insurance contract with Hyundai Marine& Fire Insurance and Hungkuk Fire Insurance for a total of 5.41 million dollars in preparation for cyber risk. 

Hyundai Marine & Fire Insurance’s ‘New Cyber Comprehensive Insurance’ is worth 2.7 million dollars, and the ‘Private Information Leakage Liability Insurance’ with Hungkuk Fire Insurance is worth 2.7 million dolllars. 

It is questionable whether Bitsum can be compensated for the theft of virtual currency from hacking, even if it is insured to guarantee property damage.
 


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