Cryptocurrency users criticize South Korean government after exchange hacks

The government of South Korea is under criticism after allegations that it has not invested enough effort in preventing multiple exchange hacks, crediting losses of around one billion dollars in total; at the same time that the Exchamge UpBit has denied the rumors that make him subject of an act of cybercrime.

These data are reflected in several reports from the authorities of the Communications and Data Commission on Science and Technology, which reveal that during the last months there have been about seven incidents of robberies and hacking that have resulted in losses of 128 billion dollars. won.

This scenario prompted government actions to evaluate and monitor more than 31 local exchange houses; in addition to propagating warnings to residents about the measures to be taken to prevent illegal acts.

It should be noted that of all the exchanges, only three were the most affected: Youbit with $ 23 million dollars in losses, Coinrail with $ 47 million dollars and Bithumb with $ 31 million dollars.

And as expected, the outlook has prompted a wave of criticism from the community, especially considering that cyber attacks continued to occur despite inspections by the authorities.

Some of the comments that have arisen refer to the actions of the authorities as insufficient and lacking a regulatory framework that strongly supports them. Professor Lim Jong-in of the Graduate School of Information Security of the University of Korea commented that "since Bithumb and other exchanges act as financial institutions in reality, the government should establish a regulatory system based on them. If this continues, the damage will be exponential. "