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South Korean Conglomerate Hyundai’s Cryptocurrency Mining Pool Hacked, Withdrawals Disallowed

  • South Korean Conglomerate Hyundais Cryptocurrency Mining Pool Hacked Withdrawals Disallowed

SEOUL (FNI) - The mining pool of HDAC, a blockchain platform and company operated by Hyundai BS&C, a subsidiary of South Korea’s biggest car manufacturer and major conglomerate, experienced a hacking attack on May 24 and was forced to halt withdrawals temporarily.

According to local cryptocurrency media outlet TokenPost, HDAC’s mining pool fell victim to a server breach that led hackers to gain access to the internal system of the mining pool. Earlier today, the HDAC team stated that it is currently recovering the platform from the server hack and until the details of the hack are disclosed, the HDAC team emphasized that withdrawals will be halted.

HyundaiPay, the fintech branch of Hyundai BS&C, told local reports that the HDAC mining pool breach is not related to its operations and said that it is not responsible for the hacking attack on the mining pool, even though HyundaiPay is a subsidiary company of Hyundai BS&C that has been tasked to develop the HDAC platform.

“The cryptocurrency mining pool of HDAC has no connections to HyundaiPay and its ventures. The HyundaiPay team has no knowledge about the security breach and it does not intervene in the operations of the mining pool. The HDAC blockchain itself is not impacted by the breach,” a HyundaiPay spokesperson said.

“Currently, there are 299 individuals in the HDAC cryptocurrency mining pool and not all of the participants have been affected. While HyundaiPay cannot provide exact details in regards to the reach of the hack, the team estimates that the vast majority of miners have been affected.”


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