⚠️Top 3 college professor in South Korea: Bithumb's $19M crypto hack shows lack of awareness of exchanges

On March 30, Bithumb, one of the two largest cryptocurrency exchanges in South Korea, was hacked for the second time in a year in what the company described as an "inside job." Kim Seung-joo, a professor at the Korea University Division of Information Security & Gradual School of Information Security, told ZDNet Korea on Tuesday that whether the hacking attack was initiated by an insider or an outsider is of less importance. If a person without the authority to access a certain piece of data gains access to it, it is already considered a security breach. Hence, even if it was an inside job, if the individual did not have the authority to access the data in the first place, it was clearly a hacking attack. "In the financial sector, companies are aware that hacking attempts by insiders need to be prevented but cryptocurrency exchanges lack awareness. Security breaches continue to occur and companies are unable to find a proper solution or evaluate such incidents to prevent security breaches in the future and that is the biggest issue," said Professor Kim.