Cryptocurrency, the key is security, Ransomeware is culprit

First-generation security expert Kwon Seok-chul, CEO of Cuvepia “There is No development without security solution”

Now we should have different view on the way to look virtual currency. The security is the key factor in financial transactions. All of other problem occurs just because of the debate whether virtual currency is monetary or not. Even blockchain association came up, however, it would be helpless and hopeless without solving security problem first.

“If hacker planted Ransomware on the victim’s PC and asked someone to buy something, its price has no doubt to soar. The government and financial authorities must address security issues on the top if they truly wish to cultivate the healthy transaction ecosystem of virtual currency.”

Kwon Seok-chul, CEO of Cuve Pia, emphasized security throughout the interview. As a first-generation security expert in Korea, he was ranked as one of the best security experts in Korea, along with Ahn Chul-soo, a former representative of HAURI, a well-known vaccine company known as ViRobot. It is also known as a white hacker who hacks for public good, not for money or material.

He asserted that the development of virtual currency is impossible without security issues. Before talking about whether virtual currencies are monetary or non-monetary, whether virtual currencies and block chains can be separated or not, security measures for the virtual currency industry should be given priority before it might have fallen into a crime zone.

Kwon points out Ransomware as the main culprit behind the rise in virtual currency value in recent years. It is analyzed that since 2013, the spread of the global Ransomware has caused a rise in the virtual currency. This is different from the previous analysis that domestic financial liquidity and the rise of foreign investors such as China have been affected by Korea. The following is a questionnaire from the Pangyo head office in Bundang-gu, Seongnam city, Gyeonggi-do on February 19th.

- There is a continuous hacking on virtual call shop. Is there a reason why hackers are targeting virtual currency?

▲ In the meantime, attacks on banks, securities, and money have been made, but there have been some hacking difficulties where security factors are well constructed. Since there are many places where virtual calls are not yet secure and are not ready, it seems that hackers have recently changed their attack targets toward virtual call handling facilities. In addition, it is easy to cash in virtual currency and also victims have difficulty in tracing back the attackers.

- How do hackers hack virtual currency?

▲ The most common method is to send e-mails with malicious code to a PC inside the shop. If a single e-mail is clicked, a backdoor is inserted into the internal PC and accesses the internal information transaction to take the virtual currency away.

- Can we stop hacking? Wonder if there is a way to recover the leaked virtual currency.

▲ We cannot stop hacking completely. Currently, security products that are in circulation are limited because they protect against known viruses or malicious codes.
It is also difficult to recover the leaked virtual currency. Since virtual currency is designed to escape central control from the beginning, if it can be recovered, it does not match the purpose of virtual currency by itself.
- There are some hacking accidents occurred in some domestic virtual call handling facilities.

▲ Even if it has been attacked by hacker and security is strengthened afterwards, the code that the hacker has planted is likely to remain. Hackers are putting their own backdoor into their internal PCs, but there is no way to fully respond to them unless they are formatted. The same thing applies to overseas cases.

- The Korean Block Chain Association recommends that you should place more than 70 percent of the virtual currency in your cold wallet.

▲ Hot Wallet allows you to make online transactions while connected to the Internet. Cold Wallet can be relatively safe because customers do not have access to the Internet when they are offline.

- Does virtual currency still worth as money if it cannot completely be defended from hacking attacks?

▲ Right. Virtual currencies are difficult to evolve if you cannot completely protect from hacking. Ransomware has caused the price of virtual currencies to rise from a few years ago. Hackers infected the PC with Ransomware and asked for a bitcoin to release it. If this problem is not resolved, the coin that the hacker wants is constantly subject to price volatility.

- Yoo Young-min, Minister of Science and technology, said that there are limits to enforcing security investments in virtual call centers. What do you think the government and financial authorities need to do?

▲ We have to change the viewpoint of security. There is a limit to regulate in a situation where the virtual currency is not yet accepted by the law. And also seems unreasonable to demand it to be a real currency only because of the damage. In addition, lack of awareness caused by uneasy, trustless words leads to the damage as well.

If the financial transaction is not ready for security, will the customer be able to do business with confidence? Ransomware should never be treated lightly. The bigger problem is that a hacker might create a coin and ask for the coin what they’ve made. Making a coin is not difficult. 
The key to virtual currency is security. There is a need for security concerns and investment before discussing whether a virtual currency is money or not.

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