An announcement by Coinone has indicated that the company is an attempt to enhance its security. This follows a deal it had signed earlier with CertiK and Xangle.
Coinone, in a worded statement, said that it would work closely with Xangle to protect its investors, who recently have come under attack from various hackers. CertiK will, among other things, ensure the security of its algorithms, verification of its technology and further enhance information security.
South Korea has recently piled a lot of pressure on Crypto exchanges to bolster their security and thus Coinone and other crypto exchanges took these extra steps, in a way Coinone is trying to appease the government. Lately, the cyber world has experienced unpreceded levels of hacking. Recently, North Korea made headlines by sneaking up to $2billion from various financial markets in the world. Money laundering has also been a concern for the South Korean government as more people are exchanging their ill-gotten money for crypto. The pressure is just too intense on the government’s part as now FATF guidelines are becoming clear by the day.
In another report, the Korean Financial Services is planning to monitor the crypto exchanges going forward carefully, this will enable it to detect red flags earlier and act before it is too late. Previously, it was acting from a distance which rendered it helpless whenever trouble arose.
Korea Fair Trade has also called for a change in conditions that govern cryptocurrency trading. Exchanges will themselves going forward accept liability for any transactions gone wrong or for any loses through theft. Bit hump has come out in the open just recently to reveal that in one year, its systems were attacked twice and it lost more than $50million. Another victim of the cyberattack was Coinone, in 2018; it was attacked together with Bit hump by tax authorities in Korea.
Coinone had raised concerns earlier that their coins could be sources of viruses, making their system vulnerable to hackers.
Security experts based in New York have come up with a system that verifies the authenticity of block chains and other contracts. Certik uses complex mathematics to achieve this. The verification is, in a way, manual and formal.
CerticK is already popular in South Korea and has already signed deals with various exchanges to provide the much-needed verification checks. In June, the company went into a partnership with FLETA, a block chain platform in North Korea, CertiK was also at the centre of the audit of Terra, and published follow up reports about the check. Another South Korea based disclosure platform Xangle has come to the limelight lately for its services. It is providing summaries of original items in the crypto world.