The Korea Times close
National
  • Politics
  • Foreign Affairs
  • Multicultural Community
  • Defense
  • Environment & Animals
  • Law & Crime
  • Society
  • Health & Science
Business
  • Tech
  • Bio
  • Companies
Finance
  • Companies
  • Economy
  • Markets
Opinion
  • Editorial
  • Columns
  • Thoughts of the Times
  • Cartoon
  • Today in History
  • Blogs
  • Tribune Service
  • Blondie & Garfield
  • Letter to President
  • Letter to the Editor
Lifestyle
  • Travel & Food
  • Trends
  • People & Events
  • Books
  • Around Town
  • Fortune Telling
Entertainment
& Arts
  • K-pop
  • Films
  • Shows & Dramas
  • Music
  • Theater & Others
Sports
World
  • SCMP
  • Asia
Video
  • Culture
  • People
  • News
Photos
  • Photo News
  • Darkroom
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
  • The Korea Times
  • search
  • Site Map
  • E-paper
  • Subscribe
  • Register
  • LogIn
search close
Finance
  • Companies
  • Economy
  • Markets
Thu, May 26, 2022 | 18:02
Blockchain association under fire for poor screening of cryptocurrency exchanges
Posted : 2018-07-12 17:13
Updated : 2018-07-12 17:55
Print Preview
Font Size Up
Font Size Down
Korea Blockchain Association Chairman Jeon Ha-jin, right, speaks during a press conference reporting about the association's screening of the nation's cryptocurrency exchanges at the Korea Federation of Banks headquarters in central Seoul, Wednesday. / Yonhap
Korea Blockchain Association Chairman Jeon Ha-jin, right, speaks during a press conference reporting about the association's screening of the nation's cryptocurrency exchanges at the Korea Federation of Banks headquarters in central Seoul, Wednesday. / Yonhap

By Jhoo Dong-chan

The Korea Blockchain Association (KBA) is under fire for poor screening of the country's cryptocurrency exchanges. The association is a self-regulating group for local blockchain companies made up of 23 companies, including 14 firms that run some of the largest exchanges in the country such as Bithumb, Coinone and Korbit.

The group conducted an in-house inspection of the nation's 12 cryptocurrency exchanges' safety and security. Although the inspection includes domestic exchanges that suffered from recent cyberattacks, the group announced during a press conference that all 12 passed the group's self-regulatory standards.

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.

KBA Chairman Jeon Ha-jin indirectly admitted the group's inspection may have loopholes.

"This inspection does not guarantee the absolute safety of the 12 exchanges," he said during a press conference held at the Korea Federation of Banks head office in central Seoul.

"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."

Of the 12 exchanges that underwent the group's inspection, Bithumb came under a cyberattack last month. The nation's largest exchange said cyber criminals stole an estimated 35 billion won ($31.5 million) worth of virtual coins from it.

Also, 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.

"There are variations in the level of security between domestic exchanges," said Korea Advanced Institute of Science and Technology professor Kim Yong-dae.

"Some crypto exchanges are doing okay. But I believe other exchanges should invest more in their security systems."

The inspection came after the CEO of a local cryptocurrecny exchange was arrested on charges of embezzlement and fraud in April. Kim Ik-hwan, CEO of Coinnest, the nation's fifth-largest exchange, and some executives were arrested for allegedly funneling money out of investors' accounts into their own.


Emailjhoo@ktimes.com Article ListMore articles by this reporter
 
  • Gunman kills 18 children at Texas elementary school
  • Over 76% of Koreans support legalizing euthanasia
  • Korea to allow visa waiver at Yangyang airport for int'l travelers from 4 countries
  • Will government establish new immigration agency?
  • North Korea launches missiles to test Seoul-Washington deterrence
  • N. Korea fires 3 ballistic missiles, including 1 suspected ICBM: JCS
  • [INTERVIEW] Defender of inter-country adoptees' rights
  • Japan's unwelcome move
  • Auditing firms compete to secure rookie accountants
  • US forces anger animal rights group for brutally executing stray cats with air gun
  • Former GFriend member Yuju sings on track for drama 'Kiss Sixth Sense' Former GFriend member Yuju sings on track for drama 'Kiss Sixth Sense'
  • 'The Witch: Part 2' director still has more story to tell 'The Witch: Part 2' director still has more story to tell
  • Tim Burton's iconic world of misunderstood misfits returns to Korea Tim Burton's iconic world of misunderstood misfits returns to Korea
  • Park Chan-wook returns to Cannes with romance 'Decision to Leave' Park Chan-wook returns to Cannes with romance 'Decision to Leave'
  • BLACKPINK on cover of Rolling Stone BLACKPINK on cover of Rolling Stone
DARKROOM
  • 75th Cannes Film Festival

    75th Cannes Film Festival

  • People in North Korea trapped in famine and pandemic

    People in North Korea trapped in famine and pandemic

  • 2022 Pulitzer Prize: Bearing witness to history

    2022 Pulitzer Prize: Bearing witness to history

  • Worsening drought puts millions at risk

    Worsening drought puts millions at risk

  • Our children deserve the best

    Our children deserve the best

The Korea Times
CEO & Publisher : Oh Young-jin
Digital News Email : webmaster@koreatimes.co.kr
Tel : 02-724-2114
Online newspaper registration No : 서울,아52844
Date of registration : 2020.02.05
Masthead : The Korea Times
Copyright © koreatimes.co.kr. All rights reserved.
  • About Us
  • Introduction
  • History
  • Location
  • Media Kit
  • Contact Us
  • Products & Service
  • Subscribe
  • E-paper
  • Mobile Service
  • RSS Service
  • Content Sales
  • Policy
  • Privacy Statement
  • Terms of Service
  • 고충처리인
  • Youth Protection Policy
  • Code of Ethics
  • Copyright Policy
  • Family Site
  • Hankook Ilbo
  • Dongwha Group