Mining Pool of Hyundai-Related Blockchain Platform HDAC Suffers Hack

May 25, 2018
20 Views

The mining pool of Hyundai-related IoT blockchain platform HDAC has been hacked, forcing the company to temporarily halt withdrawals.

The mining pool of HDAC, a Korean blockchain-based IoT platform and issuer of the Hyundai-DAC token (DAC), has been hacked. This forced the company to temporarily halt withdrawals, TokenPost reported Thursday, May 24.

HDAC’s founder Chung Dae-sun is the nephew of the CEOs of Hyundai Group and Hyundai Motors, the globally renowned car manufacturer. HDAC’s ICO was launched in 2017 by a conglomerate that includes Dae-sun’s software and construction firm Hyundai BS&C and its fintech and blockchain subsidiary HyundaiPay.

According to TokenPost, HDAC’s mining pool server was breached by attackers who gained access to the pool’s internal system. In the wake of the hack, HyundaiPay told TokenPost that:

“The HyundaiPay team does not intervene in the operations of the [DAC token] mining pool. HyundaiPay’s servers and the HDAC blockchain itself are not impacted by the breach… not all of the [299 mining pool] 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.”

Although HyundaiPay states that it is not involved in the DAC token mining pool, according to TokenPost it is one of the official developers of the HDAC platform, which aims to use its blockchain-based IoT technology to improve security for smart factories and homes, among other IoT-related applications.

The HDAC team suggested in a recent interview that the Hyundai-DAC token “could be used to pay for a car rental, toll roads, car parking fees, and gas.” They explained that the platform’s “family ties” to the internationally renowned Hyundai Motors are helping initial growth, as well as influencing the project.

Porsche came out in February of this year as “the first” car manufacturer to test blockchain systems for use by drivers, as well as for driverless cars. Earlier this month, Cointelegraph reported on the launch of the Mobility Open Blockchain Initiative (MOBI), which involves thirty participants, including BMW, GM, Ford, Renault, Hyperledger, IBM and IOTA.

Ford has also filed a blockchain patent this year aiming to influence driver behavior by using the exchange of crypto tokens to facilitate traffic flow between cars.

You may be interested

Capital One Seeks Blockchain Patent for ‘Collaborative’ Authentication Tool
Crypto News
Crypto News

Capital One Seeks Blockchain Patent for ‘Collaborative’ Authentication Tool

btcethereumadmin - August 17, 2018

U.S. banking giant Capital One is working on using blockchain technology to usher in more convenient and secure user authentication…

3 Charts Suggest Bitcoin Prices Could Be Headed Higher
Bitcoin
5 views
Bitcoin
5 views

3 Charts Suggest Bitcoin Prices Could Be Headed Higher

btcethereumadmin - August 17, 2018

For bitcoin (BTC), the path of least resistance is to the upside, according to technical charts. At press time, the…

JD.com Rolls Out Blockchain Platform With Its First App
Crypto News
1 views
Crypto News
1 views

JD.com Rolls Out Blockchain Platform With Its First App

btcethereumadmin - August 17, 2018

Chinese e-commerce giant JD.com has launched a blockchain-as-a-service platform alongside its first app – one that digitally tracks corporate invoices…

Leave a Comment

Your email address will not be published.