Upbit Crypto Exchange Faces Surge in Hacking Attempts
Upbit, a South Korean crypto exchange, has been targeted by hackers numerous times in 2023 despite the ongoing crypto winter. According to South Korea’s Yonhap News Agency, there were nearly 160,000 hacking attempts on Upbit in the first half of the year.
The number of attempted breaches on Upbit has been steadily increasing over the years. In the first half of 2022, there were 8,356 attempts, which rose to 34,687 in the first half of 2021 and further increased to 63,912 and 73,249 attempts in the second half of 2021 and the first half of 2022, respectively.
Efforts to Enhance Security
In response to these attacks, Upbit plans to implement stronger security measures. The exchange will use cold wallets for more than 70% of asset management and employ hot wallets for multi-structure decentralized operations.
Despite these efforts, Upbit experienced a security breach in late 2019 that resulted in a $50 million hack. However, since then, no further cyber breaches have occurred.
Increased Activity from Lazarus Group
The Lazarus Group, a North Korean hacking collective known for its state-sponsored cybercrimes, may be targeting Upbit. This year, Lazarus has been particularly active and currently holds $48 million in stolen cryptocurrency.
Lazarus primarily focuses on cross-chain bridges and DeFi platforms but has also targeted exchanges like Atomic Wallet, Alphapo, CoinsPaid, and Stake.com in 2023. Other South Korean exchanges like GDAC have also suffered major hacks this year.
Hot Take: Crypto Exchanges Remain Vulnerable to Hacks
The surge in hacking attempts on Upbit highlights the ongoing vulnerability of crypto exchanges to cyberattacks. Despite the downturn in the crypto market, hackers continue to target these platforms for financial gain. It is crucial for exchanges to prioritize security measures and implement robust safeguards to protect user funds and maintain trust in the crypto industry.
By
By
By
By
By