The mining pool owned by HDAC and led by Hyundai BS & C, which is South Korea’s largest conglomerate was hacked on 24 May. The company has temporarily suspended all withdrawals.
According to TokenPost media, HDAC’s mining pool suffered some errors in its technological system. Thus, hackers were free to enter the internal system and make some changes. Today, the company announced that developers are working on company’s security, so until the system will be secured all withdrawals are suspended.
Another subsidiary of Hyundai BS & C, HyundaiPay, mentioned for the local media that its operations have nothing to do with the attack, even if the company has been working on the development of the mining pool.
“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,” stated a HyundaiPay representative.
“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 involved in the blockchain-based projects since 2017
Hyundai is one of the most important players in South Korea besides Samsung, Hanwha, and Lotte. The company carries out activities ranging from the automotive industry to the real estate sector.
The Hyundai giant is involved in blockchain-based projects since the third quarter of 2017, developing several applications and platforms based on thit technology.
HDAC is a blockchain-based mining pool that operates on a VeChain protocol. Thus, the network allows multiple enterprises to benefit from blockchain technology and IoT-Internet of Things to store and transfer data.
“The technology can be applied to smart factories, smart homes, smart buildings, and various industries. Also, 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,” the HDAC explained.
Regardless of the ongoing changes in the crypto market, blockchain technology and open-source projects continue to attract the attention of businesses around the world, no matter where they operate.