Seoul, South Korea – October 9, 2023: In a startling revelation, South Korea’s leading cryptocurrency exchange, Upbit, has fallen victim to an astonishing 159,000 hacking attempts in the first half of 2023. These alarming figures were reported by Dunamu, the firm behind Upbit, and presented to South Korean Representative Park Seong-jung, highlighting the urgent need for enhanced cybersecurity measures.
South Korean Cryptocurrency Giant Upbit Faces Unprecedented 159,000 Cyberattacks in H1 2023
The report, as disclosed by the South Korea-based Yonhap News Agency, paints a grim picture of a 117% surge in hacking attempts compared to the same period in 2022. Shockingly, this represents an alarming 1,800% increase from the first half of 2020, signaling a growing threat to the cryptocurrency industry.
Upbit, known as one of South Korea’s largest cryptocurrency exchanges, with a daily trading volume of approximately $1.2 billion, has responded robustly to the escalating threat. To fortify its security, Upbit has significantly bolstered its use of cold wallets, now storing 70% of its funds offline, a move aimed at thwarting cyberattacks. Additionally, the exchange has reinforced security measures for its hot wallets, a known vulnerability in the industry due to online storage of private keys.
This revelation comes after Upbit’s unfortunate $50 million security breach in 2019, which prompted the exchange to implement stringent security measures. Since then, Upbit has successfully fended off all cyberattacks.
However, Upbit did face a recent setback when it had to suspend Aptos token services in late September after failing to detect a fraudulent token, “ClaimAPTGift.com,” leading to a significant drop in Aptos’ value.
South Korean Representative Park Seong-jung has called upon the government to intensify efforts to combat the growing wave of cryptocurrency-related cyberattacks. He stressed the need for comprehensive cybersecurity assessments and tighter regulation, as the Ministry of Science and ICT’s role in overseeing virtual asset exchanges remains ambiguous.
Despite repeated attempts, Cointelegraph was unable to elicit an immediate response from Upbit regarding these revelations.
This alarming news follows a series of cryptocurrency exchange attacks in September, including Hong Kong-based CoinEx’s $70 million security breach and Huobi Global’s HTX exchange losing $7.9 million in a September 24th exploit.
Upbit’s battle against cyberattacks serves as a stark reminder of the cryptocurrency industry’s vulnerability, and the urgent need for heightened security measures across the board.
