Hackers Infiltrate and Attack HDAC, a Korean Blockchain
A recent report on May 24th, 2018 showed that the HDAC platform was recently hacked, stopping the regular operations temporarily to protect current members of the exchange. HDAC is based out of Korean and is the founder of the Hyundai-DAC token (HDAC). Chung Dae-sun is the founder of HDAC and happens to be the nephew of the CEO that runs Hyundai Group and Hyundai Motors, which is globally known for their manufacturing of cars.
The ICO for HDAC was launched last year, which included the use of both Dae-sun’s software and the blockchain technology of his family’s construction firm, Hyundai BS&C. Plus, the company is tied to HyundaiPay, who is involved in fintech and is blockchain minority.
In the report issued by TokenPost, it was revealed that the attack allowed hackers to reach into the internal system of the pool. In a statement by HyundaiPay, TokenPost reported: “The Hyundai team does not intervene in the operations of the [DAC token] mining pool.
HyundaiPay’s servers and the HDAC blockchain itself are not impacted by the breach… not all of the [299 mining pool] participants have been affected. While HyundaiPay cannot provide exact details in regard to the reach of the hack, the team estimates that the vast majority of miners have been affected.”
Even though HyundaiPay remains uninvolved with the mining pools, they are still part of the development of the platform that it contributes to. Additionally, HyundaiPay wants to apply the blockchain-inspired technology to their platform to promote better security in IoT-related applications.
When discussed with the HDAC team, an interview showed that this token can be used in a variety of applications, including “a car rental, toll roads, car parking fees, and gas.” The family connections between all of these companies is part of the reason that it has experienced such influential growth recently.
In February, Porsche was among the first car manufacturers that wants to see how blockchain systems could be helpful to their drivers, though they also included the idea of driverless cars with access.
The launch of the Mobile Open Blockchain Initiative (MOBI) expanded that reach to 30 different brands, which included big names like BMW, GM, and Ford. Along with this inclusion, Ford filed their own patent in the last year to combine the application of traffic flow with crypto trading and exchanges.