- Upbit has reported over 159,000 hacking attempts in the first half of 2023, marking a 117% increase from 2022
- Upbit has boosted its security by increasing the percentage of funds held in cold wallets to 70% as well as multiple other measures
- The data shows just how hard exchanges are having to work in order to protect customers’ money
South Korean cryptocurrency exchange Upbit has revealed that it faced more than 159,000 hacking attempts during the first half of 2023, representing a significant surge in cyberattacks. The company’s parent company, Dunamu, said that the data represents an increase of 117% compared to the same period in 2022 and a staggering 1,800% surge from the first half of 2020. The news reinforces the challenges facing crypto exchanges and is another reminder not to trust them with all of your holdings.
Upbit Keeping Hackers at Bay
Upbit was the subject of a surge in cyber attacks from North Korea in 2019, resulting in a $50 million hack in November of that year, but the volume of hack attempts has increased exponentially since then. Upbit is one of South Korea’s most popular cryptocurrency exchanges with a daily trading volume of approximately $1.2 billion and hackers are trying various ways to get their hands on that booty.
The exchange hasn’t revealed how the hackers are going about attempting to infiltrate its wallets, but to fortify its security measures and counter hacking attempts Upbit has taken steps to increase the amount of its funds held in cold wallets to 70%.
Its various defensive strategies have paid off, with the 2019 hack being the last time its defenses were penetrated. However, the exchange recently had to suspend Aptos token services in late September due to its failure to detect a fake token called “ClaimAPTGift.com,” which made its way onto the platform and affected 400,000 Aptos wallets.
