Account theft from cryptocurrency exchanges for manipulating market prices
According to the industry on the 5th, the security of the exchange turned red as hacking attacks targeting cryptocurrency exchanges increased recently. Cryptocurrency exchanges have a double whammy of responding to hacking attacks as they go through procedures such as reporting virtual assets under the Act on Reporting and Use of Specific Financial Transaction Information (Specialty Act), which took effect in March.
According to an official of the cryptocurrency exchange, the hacking organization has evolved into stealing the cryptocurrency exchange user account and then attempting to manipulate the market with the account and then stealing virtual assets.
Account management is becoming more crucial to prevent attacks that happen by logging in with stolen accounts as cryptocurrency transactions and popularity increase.
[Source: Electronic Times https://www.etnews.com/20210504000135]