DXM and Ledger develop institutional custodial service

Judy Rubio

The Upbit Safe solution is designed to develop hardware technology aimed to increase the level of Ledger Vault protection. It allows adjusting storage rules and focusing on user needs.

Ledger, together with the sister-company of Dunamu fin-tech company, is working to develop a custodial institutional service. The company is the majority shareholder in the Upbit crypto exchange.  The innovative Upbit Safe product will use hardware technology to provide Ledger Vault with a high level of protection.

Ledger is convinced that with this development, institutions will manage to modify storage rules in the way they meet customer needs. From the very beginning, DXM custodial system aims to serve cryptographic organizations and Upbit crypto exchange users. Dunamu has invested in it.

At the end of last year, Upbit wallet suffered a hack. Cybercriminals stole 342,000 Ethereum, worth  48.2 million dollars.

Upbit bitcoin exchange hack

South Korean Upbit exchange confirmed a break-in. Right afterwards, the platform blocked the deposit and withdrawal options. The company transferred the assets to cold storage. The platform intends to fully compensate for the damage.

A number of observers are convinced that it was an insider helping the intruders. This is explained by the fact that the attack took place at the time the platform was moving its own funds.

Bithumb Crypto Exchange lost 20 million XRP and 3 million EOS to hackers

A few months ago, Bithumb Crypto Exchange reported the termination of withdrawal and deposit options. A company from South Korea did so after the monitoring system recorded suspicious coin withdrawals. Insiders have something to do with this hack.

Davy Wan, a partner at Primitive Ventures, was among those who noticed the unusual money transfer from the exchange's wallets. According to her, unidentified men took 3 million EOS out of the cold wallet. Afterwards, she said she was speaking of "hot" wallet.

Wan noted that the digital money was stolen right after the theft of the personal key to the Bithumb account in EOS blockchain. The access was made by a client with g4ydomrxhege nickname. The expert reported a list of exchanges were the cryptocoins were transferred.

After that, Davy Van published a detailed analysis of the stolen EOS cryptocurrencies transfer. Many of them were transferred to accounts with EXMO, ChangeNOW, KuCoin, Changelly, CoinSwitch, Huobi and HitBTC exchanges. The smaller amounts were used to replenish the wallets on BW and Binance exchanges. The article "BINance exchange" helps to learn more about the peculiarities of the trading platform.

The news affected the EOS rate, which fell by 2.5% during the day.

Ledger Vault insures its users' money in the amount of up to 150 million dollars

Ledger's crypto-currency organization has issued a license to insure cryptographic currencies of its customers up to $150 million. Arch Insurance (UK) Limited and Marsh are used for insurance program implementation. They are all participants of the Lloyd's of London insurance market.

The insurance cover extends to:

leakage of key data at the user registration stage;

theft of private keys during physical hacking of the hardware security module;

insider thefts.

The Ledger Vault protection policy applies to all cryptographic currencies that the system supports. Users can buy additional primary insurance for crypto assets through a simplified system.

Investors have directed $75 million to Ledger

The hardware wallets manufacturer reported on the completion of fund-raising to Series B. They managed to raise $75 million.

The Ledger official statement mentions that the investment was headed by Draper Esprit, UK venture company. FirstMark Capital, Korelya Capital and others are also among the investors. Previous investors of the company (GDTRE, CapHorn Invest and Digital Currency Group) also took part in the investment. The organization intends to spend the raised funds on scaling up its business and popularizing cryptocurrencies.

The statement said that Ledger is developing a Ledger Vault solution, which will be used for managing cryptographic assets. The product will be particularly useful for institutional investors, including hedge funds and financial institutions.

Ledger Nano Blue and Nano S wallets are the firm's flagship products. The amount of sales of latest models has exceeded one million pieces.

North Korea stole millions of dollars in cryptocurrency from its southern neighbors

North Korean hackers were accomplishing the task given by the country's leadership. They had to take over millions of dollars in digital assets from South Koreans.

According to South Korean intelligence sources, last year North Korea sent some hacker notifications to one cryptocurrency exchange employees. With its help, it was possible to obtain secret passwords. The total damage is estimated at tens of millions of dollars. 

The special services have not reported the name of the cryptocurrency platform in question. They said that attacks could be repeated in the future. In its statement, the intelligence wrote: "Next year, attempts to steal cryptocurrencies will continue. It is important to be vigilant so as not to become the next victim".

North Korean hackers were suspected of stealing $6.9m by hacking Bithumb trading platform. Analysts believe that North Korea will use thefts, extortion viruses and mining to achieve its goals.

The DXM custodial system received investments from Dunamu. It develops solutions for institutional investors. Breaking into a cryptographic exchange brings about a huge damage to it and its users. Our crypto portal provides up-to-date information on the latest developments in this field. Stay with us and you will always be in the middle of it.