Crypto Mining Fraud and Crime Hacking Legal News

Hyundai Conglomerate Mining Pool hacked

Hyundai Conglomerate Mining Pool hacked – Hacking that was experienced was Reported on 24th May-2018. According to the Local Media, a PC was hacked because it was not paying Crypto Currencies to his participants.

Also, read Coinsecure India hacked.

Mining Pool hacked

The giant South Korean Company- HDAC operated by Hyundai BS&C is a subsidiary of the Korean car manufacturer’s conglomerate suffered a portion of hacking to its mining pool. HDAC Mining Pool is a mining pool that was established by a user called Ethereum V from a Crypto Currency community called ‘DDENGLE’.

HDAC-

  • The world’s first loT Contract and M2M Payment Platform based on Block-Chain.
  • The HDAC is based and designed on new Block-Chain and Multi-Chain.
  • The system also helps in facilitating Bitcoin and Ethereum Payments.
  • LoT Devices on which HDAC platform is based on helps in handling identity, authentication, data storage, and payments.

Token post reported and claimed that Korean Block-Chain-based loT platform and issuer of the Hyundai-DAC token-DAC has been hacked. Hdac (DAC) assigns and exchange which exchanges investments as well as restricts usage in accordance to purpose as it is the next generation Crypto Currency which controls the IoT devices.

Withdrawal of Crypto currency from its mining pool will be limited until HDAC Mining Pool finds the cause of the problem.

Hyundai has not direct connection with Hyundai BS and C but still-Hyundai BS&C’s fintech wing commented on the News that:

The Crypto Currency mining pool of HDAC has no connections to HyundaiPay and its ventures. The HyundaiPay team has no knowledge of the security breach and it does not intervene in the operations of the mining pool. As said by the HyundaiPay spokesperson that the HDAC Block-Chain itself is not impacted by the breach. There are close to 299 individuals in the HDAC Crypto Currency Mining Pool and not all of the participants have been affected. While HyundaiPay cannot provide exact details in regards to the breach of the hack, the team estimates that the vast majority of miners have been affected.

HDAC team explained

HDAC is also not listed on any exchange in South Korea, it is difficult to calculate the actual amount of damage.

  1. A private mining guild is one of the most compelling challenges facing IoT, so HDAC has built a superior HDAC Platform network for all types of users.
  2.  HDAC platform support payments with the help of state-of-the-art hardware wallets impenetrable to viruses. HDAC believes that the distributed ledger technology can be utilized for building smart factories, smart homes, smart buildings, and various industries.
  3. Machine to Machine-M2Mfor mutual contracts and operation between IoT devices are implemented to bring a platform where rational consumptions and transactions are possible. This is an area where HDAC has achieved Transaction Innovation.
  1. Although HyuandaiPay shows the Family Ties- HDAC launched in the year 2017 by Chung Dae-sun is the nephew of the CEOs of Hyundai Group and Hyundai Motors, the globally renowned car manufacturer.

The HDAC development team explained.- Technology can be applied to smart factories, smart homes, smart buildings, and various industries. Also, the M2M transaction for mutual contracts and operation between IoT devices are implemented to bring a platform where rational consumptions and transactions are possible. It is also where we can implement Transaction Innovation.”

Defining the Block-Chain of Hyundai Networks

Hyundai has actively been involved in the Block- Chain sector, developing decentralized applications and Block-Chain networks with a vision of commercializing Block-Chain technology in the traditional finance sector.

HDAC, the Block-Chain project associated with the mining pool, is a chain-like Block Chain protocol that enables businesses to better utilize Block-Chain technology and Internet of Things (IoT) to efficiently store, send, and receive data.