Upbit Exchange Fortifies Security After 159K Hack Attempts

• Upbit exchange is arguably one of the most targeted crypto platforms by hackers.
• The exchange’s operator revealed the platform has experienced thousands of cyberattack attempts.
• The first half of 2023 registered the highest number of attempts.

South Korea-based crypto exchange Upbit was one of the most targeted platforms by hackers in the first half of 2023, according to a report by its operating firm Dunamu.

Per a local media outlet, Dunamu recently submitted a report on attempted cyber infringements on Upbit to representative Park Seong-jung of the Science, Technology, Information, Broadcasting and Communications Committee of the National Assembly of South Korea.

Disturbing Cyber Attack Attempts

According to Dunamu’s report, as covered on September 10, the number of attempted cyber infringements on Upbit in the first half of the year stood at 159,061, a 117% increase from the first half of 2022, which saw 73,249 attempted incidents.

The spiraling number of attempted attacks can be attributed to the surging user activity on the exchange, which, for the first time, propelled Upbit to rank ahead of Coinbase and OKX in terms of spot trading volume in July 2023.

Although Upbit suffered one of the biggest exploits in crypto exchange history in 2019, a Dunamu official confirmed that none of the recent hacking attempts were successful.

Proactive Safety Measures

According to Dunamu, Upbit has increased the proportion of funds it holds in cold wallets to 70% in response to the endless hacking attempts and in a bid to beef up security. The exchange is also reportedly operating its hot wallets in multiple structures rather than a single structure for an added layer of security.

Rep. Park Seong-jung noted that the increasing hacking of virtual assets locally and abroad was on the radar of the Ministry of Science and ICT and recommended large-scale white mock hacking tests in preparation for future cyberattacks.

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