South Korea launches crypto task force
As we reported in yesterday’s article here Go Cryptowise a U.N panel has reported that North Korea has stolen at least $571 million in cryptocurrencies. And a lot of the attention from North Korean hackers has been targeted their neighbouring country.
This new task force has been put together by The South Korean Supreme Prosecutors’ Office (SPO) to fight the growing threat in cyber and digital related crimes.
“A large number of criminal suspects have been involved in a wide range of crimes and organized crime, so we need a dedicated organization to respond professionally and systematically. We expect to maximize the efficiency of investigation by launching TF .Said a representative of the prosecution – KBS News
Record breaking year in funds hacked in crypto-related crimes
The online threats to the crypto community is constantly growing. And in 2018 we saw the amount stolen amassed sums of around $1 billion dollars through various crypto hacks and thefts according to Coindesk. Apparently Japan lost $540 million in crypto hacks in just the first half of 2018 (Coindesk).
Coinmama hack left 1.3 million users vulnerable and 450,000 email addresses and passwords stolen
Earlier this year in February Coinmama was hacked and at least 450,000 users email addresses and passwords were leaked to the hackers. And over 747 million records eventually has been reported to have been affected by this hack.
Cryptopia the first hack of the year
The New Zealand exchange was the first casualty of 2019. In January the exchange who had first reported that they were “undergoing unscheduled maintenance, issuing several updates“, before they admitted to have been hacked. And an analysis of the hack suggest that $3.2 million in funds had been stolen.
QuadrigaCX and the mysterious saga of thefts and death
Also in 2019 we at Go Cryptowise could report that Quadriga CX, a Canadian cryptocurrency exchange founded in 2013 had managed to steal the crypto headlines over the presumed death of its founder, Gerald Cotten while abroad in India. His death which also was also in the headlines due its suspicious nature.
But in prime focus from the crypto community was Gerald Cotten was the sole individual with access to the exchange’s private keys. Various sources have reported the company currently has $190 million USD sitting on the exchange, much to the dismay of over 100,000 enraged customers with no way to access their funds.
Two professional hacker groups has been responsible for 60% of all crypto hacks
Leading blockchain analysis company Chainalysis reported that two highly professional groups has been responsible for a majority of all crypto exchange hacks. Netting a neat sum of around $1 billion in total.
The threat will get even worse in 2019
“Cryptocurrency crime is evolving to become part of traditional crime, and we think this trend will continue in 2019. Cryptocurrency market participants will need cutting edge technology and investigative analysis to fight back.”
It’s no wonder that South Korea launches a crypto task force. By all signs these threats will continue in 2019. And as always you the individual have to take responsibility for the safety of your cryptocurrencies. If you want to get some tips on how you can protect yourself, read our guide below.
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