Increase in Hacking Attacks on Upbit Exchange Doubles in 2023

Upbit, South Korea’s Largest Exchange, Faces 159,061 Hacking Attacks in First Half of 2023

Upbit, the largest cryptocurrency exchange in South Korea, has been targeted by a staggering 159,061 hacking attacks in the first half of 2023. This number is almost 2.17 times higher than the previous year. To combat this growing trend of cyber attacks, Upbit has taken measures to enhance its security protocols.

Strengthening Security Measures

In response to the increasing number of hacking attempts, Upbit has increased the proportion of funds stored in cold wallets by 70%. Additionally, security levels for hot wallet funds have been heightened. These efforts aim to safeguard user assets and protect against potential breaches.

Growth and Resilience

Despite experiencing a major hack in 2019 that resulted in a loss of $51 million worth of Ethereum (ETH), Upbit demonstrated resilience by resuming normal operations after a two-month hiatus. This incident showcased the exchange’s commitment to providing a secure platform for its users.

Expanding Brand Presence

Besides its activities in the crypto space, Upbit has also expanded its brand presence through sports sponsorship. The exchange partnered with Napoli, an Italian football club competing in Serie A and Coppa Italia. This strategic move demonstrates Upbit’s willingness to explore new avenues for brand promotion and reach a wider audience.

Hot Take: Upbit’s Battle Against Rising Hacking Attempts

Upbit, South Korea’s leading cryptocurrency exchange, has faced a significant increase in hacking attacks during the first half of 2023. To ensure the security of user funds, Upbit has implemented various measures such as increasing cold wallet storage and enhancing security for hot wallet funds. Despite a major hack in 2019, Upbit has proven its resilience by quickly recovering and resuming normal operations. Additionally, the exchange has expanded its brand presence through sports sponsorship, partnering with Napoli, an Italian football club. Upbit’s proactive approach to security and its efforts to reach a wider audience highlight its commitment to providing a secure and user-friendly platform.