Eleven Of Twenty One Korean Crypto Exchanges Pass Government's Security Measures

The South Korean government announced that it inspected 21 crypto exchanges as to whether they completed implementing short-term and long-term wallet management measures. The inspection determined that many still face security vulnerabilities. The agencies in charge of the inspections – Korea Internet and Security Agency (KISA) and Korean Ministry of Science and Technology – focused on 17 items needing immediate implementation.

The government stated in regard to the findings,

“Intermediate checks were carried out in such a way as to confirm whether improvements had been made, focusing on the 17 security items recommended for quick action.”

A few of the items subject to the inspection included dedicated security and management staff, password management systems, crypto deposits and withdrawal controls, and a system for monitoring wallets for abnormalities.

The government further stated,

“In the management of virtual currency wallets, most of the vulnerabilities in the business have not yet been improved.”

Of the 21 companies inspected, twelve of them did not have adequate security measures and as a result, data was prone to leakage and loss of funds. Further, ten of the companies had inadequate systems to monitor hot wallets for suspicious activities. And ten businesses did not have a backup wallet and recovery measure in place.

Next month, the agencies will assess whether the platforms put the recommended measures in place.

According to Kim Jong-sam, a spokesperson for the Ministry of Information and Communication,

“Because of the weak security of virtual currency, we should be careful in investing. We will continue to check virtual currency exchanges to improve security.”

The KISA also referred the hack of Coinrail and Bithumb, stating,

“the leakage of virtual currency due to the hacking of recent dealers has directly lead to the damage of users. . . there are many dealers with low security.”

The agencies further stated,

“We plan to support the improvement of the security level of the dealers through continuous inspection of the dealers.”

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