South Korean cryptocurrency exchange Upbit reported an alarming increase in hacking attempts in the first half of 2023. According to Dunamu, Upbit’s operating company, the exchange faced several attacks in the first six months of this year. Notably, it was targeted by hackers more than 159,000 times. This shocking statistic represents an increase of 117% compared to the same period in 2022. It also marks a staggering 1,800% increase compared to the first half of 2020. Here are the details…
Cryptocurrency exchange is the target of hackers
Upbit, one of South Korea’s largest cryptocurrency exchanges with a 24-hour transaction volume of approximately $1.2 billion, has faced non-stop hacking attempts. This increase in attacks has raised concerns about the security of crypto assets on the platform. Upbit’s parent company, Dunamu, has taken proactive measures to improve security and protect user funds. Specifically, they increased the proportion of funds held in cold wallets to 70%. Cold wallets, unlike hot wallets, store private keys offline on external hardware devices, making them less susceptible to online attacks.
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It’s worth noting that Upbit was previously the victim of a $50 million exploit in 2019. However, since this incident, the exchange claims to have implemented robust security measures and has not experienced any security breaches. In a recent incident, Upbit was forced to temporarily halt its Aptos cryptocurrency services in late September. This action came to light when the platform failed to detect a fake token called “ClaimAPTGift.com”. This was carried out after approximately 400,000 Aptos tokens were lost as a result.
Hacking attacks dominate the Bitcoin and altcoin space
Park Seong-jung, South Korea Representative of the People Power Party, made a statement on the issue. He acknowledged the increasing frequency of cryptocurrency attacks. He called on the South Korean government to take more decisive action. He said it is necessary to better prepare for cyber attacks on crypto asset exchanges. For this purpose, he emphasized the need for trial tests and research on information security conditions. Seong-jung also expressed concern about the uncertainty surrounding the Ministry of Science and ICT’s role in managing and supervising cryptocurrency exchanges, where hacking attempts are increasingly common.
This incident at Upbit comes after a series of attacks on cryptocurrency exchanges in September. As we reported as Kriptokoin.com, especially the Hong Kong-based stock exchange CoinEx was on the agenda. Because it suffered a 70 million dollar attack due to the seizure of one of its private keys. In addition, Huobi Global’s HTX exchange lost $7.9 million in an exploit on September 24. Thus, it further underlined the need for improved security measures in the crypto industry.
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