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Cryptocurrency exchange attacked by hackers fined for lax security

National 17:50 February 12, 2020

SEOUL, Feb. 12 (Yonhap) -- A major cryptocurrency exchange in South Korea was fined Wednesday for failing to protect against cyberattacks that led to massive thefts of customer information and virtual coins.

A Seoul court fined the company, Bithumb, and a former senior official identified by the surname Lee, who is believed to be its largest shareholder, 30 million won (US$25,452) each for neglecting their duty to ensure online security.

In April 2017, about 31,000 pieces of personal information of Bithumb's customers were leaked after a cyberattack that exploited Lee's personal computer. An investigation found his device was devoid of protection against malicious programs.

Between May and October of the same year, hackers stole about 7 billion won worth of cryptocurrencies owned by 243 of its customers.

The company was found to have failed to take proper measures despite a number of suspicious accesses to its systems and customer reports of possible cyberattacks.

The defendants were indicted in June last year without physical detention.

The logo of Bithumb provided by the company (PHOTO NOT FOR SALE) (Yonhap)

The logo of Bithumb provided by the company (PHOTO NOT FOR SALE) (Yonhap)


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