The Political Affairs Committee of South Korea’s National Assembly has informed the Financial Services Commission (FSC) on numerous attempts of hackers to break into the country’s financial institutions. Cryptocurrency exchanges became the main target.
Hackers use Binance cryptocurrency exchange to launder stolen money. As per the report by the federal Bureau of Investigation (FBI), a principal federal law enforcement agency, ransomware dubbed Ryuk has been used since its creation in 2018 to steal cryptocurrency worth $61 million.
The ongoing wave of hacks and attacks affects the operation of many companies in the cryptocurrency field. One of the biggest hardware wallet manufacturers Ledger has recently suffered a hack that led to losing about a million emails as well as other customer information.
Beginners in the cryptocurrency industry are often afraid of the risks associated with it. Besides price volatility, the users often face the danger of their wallets being hacked, causing irreparable losses.