HDAC, Hyundai BS&C’s mining pool, a subsidiary of South Korea’s biggest car manufacturer and major conglomerate, experienced a hack attack on May 24 subsequently being forced to halt withdrawals temporarily.
Hyundai Declines Responsibility
According to TokenPost, HDAC was the victim of a server breach, which eventually resulted in hackers gaining access to the internal system of the mining pool. Earlier today, the HDAC team stated that it is currently halting withdrawals, to recover the platform post the hack and to ascertain and disclose the details of the hack.
The fintech branch of Hyundai BS&C, HyundaiPay, officially declined the responsibility of the HDAC breach since the HDAC is not related to its operation, even though HyundaiPay is a subsidiary of Hyundai BS&C, which was tasked for the development of HDAC platform.
As per HyundaiPay’s official statement,”The cryptocurrency mining pool of HDAC has no connections to HyundaiPay and its ventures. The HyundaiPay team does not know of 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,”
Hyundai’s Incursion Into Blockchain Sector
Since mid-2017, Hyundai has actively been involved in the blockchain sector, right from developing decentralised applications to blockchain networks aimed at commercialising blockchain technology in the traditional finance system.
HDAC is a VeChain-like blockchain protocol that enables businesses to employ blockchain technology and Internet of Things (IoT) to efficiently store, send, and receive data for their benefit.
Albeit the recent chaos in the cryptocurrency market, the talk around blockchain technology and decentralised, open-source networks like Ethereum are still gaining momentum at huge. Firms like Kakao, Naver, SKT, and Hyundai are trying to position themselves at the forefront of blockchain development, at the initial stages itself, to commercialise the technology at a large-scale and increase the mainstream adoption of the blockchain.