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.”
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.