The South Korean government announced the results of the check 21 cryptocurrency exchanges. The inspection was performed, the Korean Agency for Internet and security (KISA) and the Ministry of science and technology from June to July 2018.
According to the report, although half of the sites had implemented the recommended security measures, many of the platforms remain a serious vulnerability.
At the previous stage, held from January to March, security experts KISA personally visited every exchange to carry out checks on 85 points. Focused on the 17 items that require immediate implementation: 6 of them were short-term measures, and 11 belonged to the control cryptocephalinae.
The next step was intended to check whether the implemented platform necessary measures of protection. In particular, with regard to staff development, systems password management, control over the input and output of funds and monitoring cryptocell.
According to the regulators, 11 of 21 the exchange has implemented the recommended immediate action, and eight of them also improved its management system cryptocephalinae. Among these sites are Upbit, Bithumb, Korbit, Coinnest, Coinlink, Coinone, Coinplug and Huobi Korea.
While 12 companies procedures to ensure security was recognized as insufficient to prevent data leaks and theft of funds from the cold wallets. Ten exchanges have inadequate systems for monitoring hot wallets for suspicious activity. In addition, at least 10 sites have problems in the area of backup and restore wallets.
Final check for implementation of recommended actions will be held next month.
We will remind that the decision on carrying out of the inspections were made after 19 December cryptocurrency exchange Youbit was forced to declare bankruptcy — as a result of breaking the company lost 17% of its own funds.
In July, the Korean Association of the blockchain (KBA), on the self-regulation of the cryptocurrency industry, the results of its verification of approved security standards, 12 kryptomere.