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Hyundai’s Cryptocurrency Mining Pool Hacked, Withdrawals Halted Temporarily

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Hyundai’s Cryptocurrency Mining Pool Hacked, Withdrawals Halted Temporarily

Another bizarre reported related to hacking on blockchain and this time victim is none other than HDAC a blockchain platform operated by Hyundai BS&C.

HDAC a blockchain platform of Hyundai BS&C an arm of South Korea’s biggest car manufacturer and conglomerate witness a hack on its platform, as a result, it halted the withdrawal from the platform temporarily.

This hacking become possible because of server breach in HDAC’s mining pool. HDAC’s experts announced that they were taking the necessary steps to deal with the situation till then withdrawals halted from the platform and will disclose the details of hack soon.

HyundaiPay is fintech branch of Hyundai BS&Cand is also a subsidiary company of Hyundai BS&C that has been tasked to develop the HDAC platform opposes breach in mining pool is related to operational and neglects its relation with the hack in the mining pool.

According to a spokesperson of HyundaiPay “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,”

“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.”

Hyundai is actively participating in the blockchain related activities with a vision of adaptation of blockchain related transactions in the financial sector and commercializing it.

HDAC is is a VeChain-like blockchain protocol and is associated with mining pool which further with the internet of things (IoT) enables blockchain to work efficiently and more precise.

Neeraj Pandey is a crypto enthusiast who writes ardently about happenings in the crypto world since 2016 and delivers his knowledge of Blockchain, initial coin offerings (ICOs)  and breakdowns of the crypto world to its users relentlessly.

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