Korean blockchain-based IoT platform and issuer of Hyundai-DAC token suffered a hack, which forced the company to temporarily terminate withdrawals, according to a report by TokenPost on Thursday, May 24.
Reports revealed that hackers breached HDAC’s mining pool server after gaining access to the pool’s internal system. Following 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.”
While HyundaiPay claims it is not involved with the DAC mining pool, it is listed as one of the official developers of the HDAC platform, which plans to use blockchain-based IoT technology to improve security for homes and smart factories.
According to the HDAC team, the Hyundai-DAC token “could be used to pay for car rentals, toll fees, car parking fees and gas”. Furthermore, they explained that the platform’s connections to Hyundai Motors would not only help initial growth, but influence the direction of the project as well.