Upbit Sees 160000 Hacking Attempts in H1 2023 : Report

Upbit, a major South Korean cryptocurrency exchange, faced 159,000 hacking attempts in 2023, up 117% from 2022, prompting increased security measures.
Upbit Sees 160000 Hacking Attempts in H1 2023 Report
Upbit Sees 160000 Hacking Attempts in H1 2023 Report

According to its parent business Dunamu, the South Korean cryptocurrency exchange Upbit had over 159,000 hacking attempts in the first half of 2023.

According to a report published on October 9 by the Yonhap News Agency in South Korea, Park Seong-jung, a spokesperson of the People Power Party in South Korea, received these figures from Dunamu, the business that owns and operates Upbit. The number has increased when compared to 2022, representing a notable 117% increase, and when compared to the statistics from 2020, it has increased enormously by 1,800%.

With daily trading volume of almost $1.2 billion, Upbit is one of the biggest cryptocurrency exchanges in South Korea. Other significant exchanges include Bithumb, Coinone, and Gopax. According to Dunamu, Upbit has boosted the percentage of bitcoin it maintains in cold wallets to 70% in order to increase security and thwart hacking efforts. For money kept in heated wallets, the security procedures have also been strengthened.

Due to the fact that they store private keys online, hot wallets are more susceptible to hacking than cold wallets, which save their keys offline on things like USBs and external hard drives.

A $50 million security compromise occurred at Upbit in 2019. According to a Dunamu representative, no security breaches have been recorded since that time.

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