Two South Korean crypto exchanges hacked amid wave of attacks on financial institutions
South Korean cryptocurrency exchanges Gopax and Prabang have been affected by a series of cyberattacks targeting the country's financial sector. Security incidents have impacted 16 organizations, with a data breach involving approximately 100,000 records already confirmed.
Local news outlet News1 reported the breaches. Among the affected platforms was Gopax, whose largest shareholder is international crypto exchange Binance.
The extent of the damage to both trading platforms has yet to be determined. At the time of publication, there had been no reports of cryptocurrency stolen from users' wallets.
Gopax and Prabang assess impact of attacks
Gopax confirmed that it is assessing the extent of the incident. However, there is currently no information about potential financial losses suffered by clients or disruptions to the trading platform's operations.
The second affected exchange, Prabang, previously became the first platform to obtain registration as a virtual asset service provider in South Korea.
The attacks on crypto exchanges were part of a broader series of incidents across the financial industry. However, it remains unclear whether all the incidents are connected or whether the attackers used similar methods to gain access.
It is also unknown how much of the confirmed data breach directly affected cryptocurrency platforms. There have been no reports of compromised private keys or unauthorized transfers of digital assets.
South Korea tightens oversight of cryptocurrency platforms
The incidents occurred as South Korea continues to tighten regulation of its cryptocurrency market. Authorities are expanding measures against unregistered digital asset operators by restricting access to their services.
In particular, regulators decided to block the websites of 27 cryptocurrency platforms, including KuCoin, MEXC, Phemex and Bitrue. Previously, restrictions had primarily targeted the mobile applications of these services.
The new measures could make it more difficult for South Korean users to access funds held on the affected platforms. However, the restrictions are related to the operators' lack of required registration, not the cyberattacks on Gopax and Prabang.
The tighter oversight comes alongside preparations for legislation governing tokenized securities. Earlier, we reported that South Korea is advancing relevant rules to establish a regulated market in 2027. The new regulatory framework is expected to define the conditions for issuing and trading these instruments.
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