South Korean Government Investigates Latest Bithumb Hack

Cryptocurrency users may recall the Bithumb exchange was hacked not too long ago. As a result, around 30,000 users have been affected by this breach. It was only a matter of time until the local government decides to investigate this attack. Analyzing the attack vector and ensuring this problem can’t occur again is the number one priority right now. The big question is which hacker group is responsible for this attack.

Bithumb is South Korea’s largest Bitcoin exchange by far. Their massive growth has attracted a lot of positive and negative attention. Hackers have successfully attacked the platform multiple times already. The latest breach affects over 30,000 users and is currently being investigated by the government. The Seal Central prosecutor’s Office for Advanced Criminal Investigation is looking into the matter as we speak. There are seemingly traces indicating this breach is the work of an unidentified hacker group.

Bithumb Investigation is Underway

After all, the attack was made possible thanks to breaching Bithumb employees’ email accounts. No funds have been stolen in the process, which is a good sign. However, sensitive personal information has been exposed due to this recent attack. Phishing emails have proven to be a powerful weapon in the hands of cybercriminals these days. Moreover, it seems malware played a big part in these attacks as well. A rather sophisticated and well-coordinated approach, to say the least.

The investigation itself will not affect the Bithumb operations. Users can still buy, sell, and trade cryptocurrency without any problems. Collaborating with government agencies is the company’s main priority right now, though. It is the second attack of this kind within the past four months, which raises a lot of questions. While the first hack resulted in Bithumb compensating users, it is evident the platform is of keen interest to hackers.

It is possible this breach is orchestrated by North Korean hackers. State-sponsored collectives have been targeting South Korean exchanges for some time now. It is not unlikely this breach is the latest in a growing list of similar incidents. It will be interesting to see what the investigation turns up in the end. For now, it is unclear when we should expect any real results, though.

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