Home News Only 7 Korean crypto exchanges passed the government security inspection

Only 7 Korean crypto exchanges passed the government security inspection

The South Korean authorities have conducted the cybersecurity inspection of 38 cryptocurrency exchanges in the country. As a result, only 7 of these proved to satisfy all 85 parameters inspected. 14 previously-inspected exchanges still have not improved and 17 new crypto exchanges did not meet security standards.

South Korea’s Ministry of Science and ICT publicized the results of its cybersecurity inspection of 38 crypto exchanges on Thursday, January 10. The inspection was carried out in collaboration with the Korea Internet and Security Agency (KISA).

The seven exchanges that passed the inspection are Upbit, Bithumb, Gopax, Korbit, Coinone, Hanbitco, and Huobi Korea.

The list of items checked “include system security such as administrative security, network separation and account management … and virtual currency wallet management.”

The inspection concluded that 14 exchanges “could be exposed to the risk of hacking attacks at all times,” whereas another 17 platforms still maintain “weak” cybersecurity level.

“In particular, it has been confirmed that most of the dealers have a low level of security such as network separation and access control as well as the lack of establishment and management of security systems such as basic PC and network security,” – the report specifies.

South Korean officials voiced their determination to continue cybersecurity inspections of the country’s cryptocurrency exchanges in order to reduce the risk of cyberattacks.

South Korean regulators first launched a spree of extensive audits of local cryptocurrency exchanges in 2017 in response to the series of cyberattacks.