The South Korean cryptocurrency exchange, Upbit has faced more than 159,000 hacking attempts in the first half of 2023, as reported by its parent company Dunamu.
On October 9, it was reported by the South Korea-based Yonhap News Agency that Dunamu, the company that owns and runs Upbit, shared these numbers with Park Seong-jung, a representative from the People Power Party in South Korea.
The number has seen growth compared to 2022, marking a significant 117% increase, and an enormous 1,800% surge when compared to the numbers from 2020.
Upbit stands as one of the largest cryptocurrency exchanges in South Korea, handling approximately $1.2 billion in daily trading activity. Other major exchanges in South Korea include Bithumb, Coinone, and Gopax.
To protect itself against hacking attempts and enhance security, Dunamu stated that Upbit has increased the amount of cryptocurrency it stores in cold wallets to 70%. They have also improved security measures for funds stored in hot wallets.
Hot wallets are more vulnerable to hacking because they store private keys online, while cold wallets store keys offline on devices like external hard drives and USBs.
Upbit experienced a $50 million security breach in 2019. However, since then, there have been no reported security breaches, according to a spokesperson from Dunamu.
In late September, Upbit temporarily stopped providing services for the Aptos token. This decision came about because Upbit couldn’t detect a counterfeit token called “ClaimAPTGift.com,” which had made its way into around 400,000 Aptos wallets.