VERDICT —UNRATED
Verdict pending. Auto-ingested incidents are reviewed before a public verdict is rendered.
Root cause
Root-cause analysis not yet published. The incident description below contains all currently available signal — review the attack transaction directly for definitive forensics.
Forensic narrative
South Korea’s third largest digital currency exchange, Coinbit, was seized and investigated by South Korean police. Its chairman and operator were suspected of internal transactions and manipulation of market prices. The police claimed that the company was suspected of using illegal means to earn at least 100 billion won in illegal profits (approximately 85 million US dollars), and Coinbit was also suspected of forging more than 99% of its transaction volume. Attack method (per SlowMist): Scam. Reported loss: $ 85,000,000.
Sourced from
slowmist
Technical record
- chain
- —
- protocol
- Coinbit
- bug_class
- rug
- date_occurred
- 2020-08-25
- loss_usd
- $85,000,000
- source_id
- sm:coinbit::2020-08-25
Related — same bug class· rug