South Korean Exchanges Are Failing Basic Security Tests

Five South Korean exchanges have recently been hacked with very basic tools. MBC, South Korean media outlet, has hired a security company to check the security level of the leading cryptocurrency exchanges, including one of the most popular, Bithumb. It appeared that cyber criminals even don’t need to take any special measures to break through the security system, the company representatives broke in the five leading exchange`s systems without any difficulty, getting access to private data and funds of the clients.
Youbit, one of the biggest South Korean exchanges, has filed a bankruptcy report already this week, as after a number of hacking attacks the exchange has lost about 17% of its assets.
Bithumb has also falls as a victim several times during just some months, when as a result of a cyber attack the hackers managed to get access to user data, funds of the exchange and the sensitive personal and financial information of its users.
From all the above mentioned security testing results that exchanges in the country haven’t even the basic security that is able to prevent the data and the money theft. The government of the country has been informed but its reaction is still being expected.

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