Crypto Currency Hacking Is Not About The Coin

July 16, 2018 Douglas Barbin

Two weekends ago the South Korean cryptocurrency exchange Coinrail announced a hacking attempt on its website. With no more detail than a statement that said there was activity of a "cyber intrusion" and that it had managed to "freeze" certain coins with others being kept in a cold wallet. The exchange is now offline (hence no link to the website and its announcement).

At the time, this news was believed to be the culprit of the drop in Bitcoin value along with commensurate drops for some of the other major currencies.

I am not an economist nor a financial analyst. I am an amateur follower of cryptocurrency at best. What I am, though, is a 20+ year security professional who has spent a lot of time investigating and helping companies prevent security breaches and fraud.

I am struggling to understand why something that happens daily in other areas of cyberspace has such an effect on the value of these currencies. Why would the alleged hack of a South Korean exchange site (the 98th largest) that no one knows anything about or has not provided any details indicate that there is any sort of fundamental problem with the currency?

Read the full article in ITSP Magazine


About the Author

Douglas Barbin

Doug Barbin is a Principal at Schellman & Company, LLC. Doug leads all service delivery for the western US and is also oversees the firm-wide growth and execution for security assessment services including PCI, FedRAMP, and penetration testing. He has over 19 years of experience. A strong advocate for cloud computing assurance, Doug spends much of his time working with cloud computing companies has participated in various cloud working groups with the Cloud Security Alliance and PCI Security Standards Council among others.

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