Responsibility Not Claimed On South Korean Crypto Exchange Hack

Responsibility no claimed on South Korean crypto exchange hack. There has been a heated political debate on who should claim responsibility on the South Korean cryptocurrency exchanges hack . South Korea’s financial watchdog recently made it clear that they do not see this issue as being any of their business.

According to Fn News, the Financial Services Commission responded to a written inquiry from the National Assembly’s Political Affairs Committee on October 23. The FSC isn’t claiming responsibility for the crypto stolen during attacks from hackers sponsored by the Kim Jong-un’s regime, such as Lazarus Group, on crypto exchanges.

The report says that the watchdog argued that crypto exchanges do not fall under their jurisdiction without providing more details on the matter. The subsequently forwarded responsibility to the Ministry of Foreign Affairs and the Korea Communications Commission, or KCC.

However, the Ministry and the KCC both believe that the FSC is still responsible for any damages suffered by crypto companies, as these are related to financial matters. The pair cite the FSC’s position “in charge of the management and supervision of virtual asset providers such as cryptocurrency exchanges.”

Representative Seong Il-jong, an opposition party secretary of the National Assembly’s Political Affairs Committee, is not agreeable to the stance made by the FSC. He reminded them that “with the passage of the revised South Korean crypto bill, all crypto-related matters became the task of the Financial Services Commission.” 

In February, Lazarus Group was confirmed to have targeted multiple crypto exchanges in 2019. The development of a false yet practical trading bot website that was provided to DragonEx exchange employees was one of the attacks.

[image: Bundo Kim]

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