South Korean Police Confiscate Server Allegedly Linked to Bithumb Hack
Jimmy Aki's original article for bitcoinmagazine.com reduced by 41%
Last month, the South Korean exchange Bithumb lost about $13 million worth of cryptocurrency to hackers. Per reports from a local news outlet, the Cyber ??Investigation Department of South Korea's National Police Agency has seized an external server that it believes to be associated with the attack on Bithumb. While at first the theft was believed to be an inside job because no evidence of an external hacker was found, upon closer inspection the police found proof of an external server and IP address that it suspected to be involved.
Local officials believe more details may come to light as police analysts search the hard drive of the seized server and find evidence linked to the person or group behind the crime. It won't help that, globally, many police departments are unequipped to deal with cryptocurrency hacks and that few police officers have a deep understanding of blockchain technology or how it works. If the police are able to determine who committed the attack and zero in on the perpetrator's exact location, they might be able to make an arrest and recover some of the lost funds.
Last year, Bithumb suffered a major security breach, which saw hackers steal $30 million worth of cryptocurrencies belonging to users from its wallets.
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