Hyundai Conglomerate’s Mining Pool Hacked

Avi Rosten
  • The company, part of a subsidiary of the giant Hyundai conglomerate suffered a hack to its mining pool
  • According to local media reports the company has suspended withdrawals for the time being

A prominent South Korean mining pool was hacked yesterday with the pool operator HDAC - a company operated by Hyundai BS&C, a subsidiary of the Korean car manufacturer’s conglomerate - forced to temporarily suspend withdrawals as a result.

Tokenpost, a local cryptocurrency news site in South Korea, reported that the mining pool suffered a server breach that allowed hackers access to the mining pool, and today confirmed that withdrawals are still on hold until the full scale and nature of the hack have been established.

Hyundai BS&C’s fintech wing - HyundaiPay - was quick to distance itself from the attack, commenting that:

“The cryptocurrency mining pool of HDAC has no connections to HyundaiPay and its ventures. The HyundaiPay team has no knowledge of the security breach and it does not intervene in the operations of the mining pool. The HDAC blockchain itself is not impacted by the breach,” a HyundaiPay spokesperson said.Currently, there are 299 individuals in the HDAC cryptocurrency mining pool and not all of the participants have been affected. While HyundaiPay cannot provide exact details in regards to the reach of the hack, the team estimates that the vast majority of miners have been affected.”

HyundaiPay

Blockchain in the Automotive Industry

This latest hack notwithstanding, the Hyundai conglomerate has been actively involved in the sector, developing blockchain networks and dencentralised applications.

While the conglomerate is yet to apply the tech to its automotive wing, other industry giants have been quick to get onboard with the new tech.

Earlier this month four of the world’s biggest car manufacturers - BMW, Ford, General Motors and Renault joined the Mobility Open Blockchain Initiative (MOBI) - a new blockchain research group that is attempting to make use of distributed ledgers to improve the industry, and boasts leading crypto partners such as the IOTA foundation.

North Korea Denies It Raised $2 Billion via Cryptocurrency Exchange and Bank Hacks

North Korea has responded to a confidential United Nations (U.N.) report claiming the country raised up to $2 billion by targeting cryptocurrency exchanges and other financial institutions.

According to The Korea Herald, the rogue nation responded to the United Nations’ report by claiming the United States and “other hostile forces are now spread ill-hearted rumors.” The response came through North Korea’s state-run KCNA news agency.

The news agency reportedly cited a statement from a spokesperson for the National Coordination Committee of the DPRK for Anti-Money Laundering and Countering the Financing of Terrorism. The report it denies claimed N. Korea was using the funds to fund weapons programs.

North Korea’s statement said:

Such a fabrication by the hostile forces is nothing but a sort of a nasty game aimed at tarnishing the image of our Republic and finding justification for sanctions and pressure campaign against the DPRK.

The report went on to compare the United Nations’ behavior to that of the Nazi party in the years leading up to the second world war, claiming the accusation was a “sheer lie” that aimed to reenact “the same old trick as the Hitler fascist propagandists used to cling to.”

South Korea itself has accused the North of hacking cryptocurrency exchanges to raise funds while bypassing sanctions. The rogue nations if believed to be behind the attacks as it’s connected to a hacking group called Lazarus, which has been linking to an $81 million cyber heist from Bangladesh’s central bank.