News

Be aware of all developments relating to cryptocurrency, track trends and rates ups and downs, learn all about Mining and complexities of the Bitcoin system and be sure you will be aware of the most urgent and important news of World Mining company.
"The World - that is, information that grows over time."
"He who owns the information, owns the world."

Only 12 out of 23 Korean Crypto Exchanges Pass Probe – Inspector Under Fire

Only 12 out of 23 Korean Crypto Exchanges Pass Probe – Inspector Under FireThe self-regulatory inspection of South Korean cryptocurrency exchanges is complete. Fourteen out of 23 exchanges agreed to be inspected. Twelve met the self-regulatory standards despite security flaws, raising questions of how effective the inspection is. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

12 Exchanges Pass Security Checks

Only 12 out of 23 Korean Crypto Exchanges Pass Probe – Inspector Under FireThe Korea Blockchain Association (KBA) held a press conference Wednesday to announce the results of its inspection of cryptocurrency exchanges operating in the country. The Association “gave a nod to the cybersecurity standards of 12 cryptocurrency exchanges,” the Korea Herald reported. The KBA has been heavily promoting self-regulation since its establishment last year. Out of 23 members that are crypto exchanges, 14 of them voluntarily agreed to be inspected. According to the news outlet: Exchanges that gained self-regulatory affirmation were 12 out of 14: Dexko, Hanbitco, Okcoin Korea, Huobi Korea, Bithumb, Upbit, Neoframe, Gopax, Cpdax, Coinzest, Korbit and Coinone. Operators of the other two — Sunny7 and Komid — withdrew from the KBA-led inspection. The inspection was conducted “through interviews by third-party experts authorized by KBA in June and July,” the publication noted, emphasizing that a “hacking simulation on the exchanges did not take place.” Nonetheless, the association said the 12 exchanges met “general standards” such as “minimum total assets, adoption of a cold wallet, anti-money laundering requirements and dozens more.” They also met “the criteria for cybersecurity standards, which the association referred to as minimum requirements.”

Association Criticized for Poor Screening

Following the KBA’s announcement, some industry participants pointed out major flaws in the inspection. 12 Korean Crypto Exchanges Pass Self-Regulatory Probe but Inspector Under FireThe association has come “under fire for poor screening of cryptocurrency exchanges,” the Korea Times wrote, emphasizing that “the KBA even extended its one-month inspection to two months to allow sufficient time for underprepared exchanges, inviting criticism for carrying out an inspection in name only.” Furthermore, “It is pointed out that even though hacking incidents at virtual currency trading sites have occurred recently, all trading sites have passed the screening,” Money Today wrote, suggesting that the inspection was ineffective. Last month, Coinrail and Bithumb were hacked. The news outlet quoted an industry source asserting, “it is doubtful that all of them have passed [the inspection],” noting that “the fact that the scores of the detailed evaluation items are not disclosed for each trading site is also a cause of doubt in the examination results.” The Korea Times elaborated: The KBA did not disclose a detailed score or security rating of each cryptocurrency exchange, casting doubt about the fairness of the inspection. The KBA said the disclosure could trigger another cyberattack on domestic exchanges with weaker security firewalls. The chairman of the association, Jeon Ha-jin, even “indirectly admitted the group’s inspection may have loopholes,” according to the news outlet. 12 Korean Crypto Exchanges Pass Self-Regulatory Probe but Inspector Under FireHe was quoted explaining, “This inspection does not guarantee the absolute safety of the 12 exchanges,” noting that “The result indicates the 12 exchanges satisfy the minimum requirement for their operations. It is like a driver’s license. It is hard to tell whether they are good drivers or not.” The chairman also declined to elaborate on a “huge gap in the level of handling cybersecurity risks between the 12 exchanges,” the Korea Herald conveyed. The announcement by KBA came just days after the Korean government revealed its analysis of hacking incidents in the country. The government has been criticized for not doing enough to prevent hacking damages since three of the 31 exchanges it inspected were hacked, causing damages of about 110 billion won (~US$98 million). What do you think of this self-regulatory inspection and standards? Let us know in the comments section below.
Images courtesy of Shutterstock.
Need to calculate your bitcoin holdings? Check our tools section. The post Only 12 out of 23 Korean Crypto Exchanges Pass Probe – Inspector Under Fire appeared first on Bitcoin News.

Thai SEC: Only Seven Crypto Firms Authorized to Legally Operate in Thailand
Thai SEC: Only Seven Crypto Firms Authorized to Legally Operate in Thailand

The Thai Securities and Exchange Commission (SEC) has announced the names of seven cryptocurrency firms that have been authorized to legally operate in the country. Five of them are crypto exchanges; two are cryptocurrency dealers. Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space Seve...

16.08.2018, 06:25Read more
Bitangels Co-Founder Sues AT&T for $224 Million Over Cryptocurrency Hack
Bitangels Co-Founder Sues AT&T for $224 Million Over Cryptocurrency Hack

The cryptocurrency investor Michael Terpin is suing the large telecom firm AT&T because his mobile phone was compromised by hackers who stole $24M USD worth of digital assets. Terpin says he was hacked twice in less than a year and employees at AT&T participated in a SIM swap fraud. Also rea...

16.08.2018, 04:25Read more
Five Benefits to a Bear Market
Five Benefits to a Bear Market

We’ve been in a slump for a while now, and by the looks of it will remain in one for a good while longer. How long, how low, and how slow the recovery is anyone’s guess. If you’re reading these words, you’re still here, and thus it’s safe to assume you’re in this for the […] The post Five Bene...

16.08.2018, 02:05Read more
BountyCryptocurrencies
Video