UPbit, a prominent South Korean cryptocurrency exchange, has reported a significant increase in hacking attempts during the first half of this year. According to data shared by the exchange’s operator, Dunamu, UPbit experienced 159,061 hacking attempts, marking a staggering 1,800% surge in attacks over the past three years. This highlights the growing risks faced by cryptocurrency exchanges in terms of cybersecurity. In response to this threat, UPbit is implementing enhanced security measures. The exchange plans to increase its cold wallet holdings to 70%, as cold wallets are more resilient against hacking attempts. Additionally, UPbit is introducing a Fraud Detection System (FDS) powered by artificial intelligence to prevent financial fraud. The South Korean government is also being urged to play a more active role in managing cyber attacks on cryptocurrency platforms. Representative Park Seong-jung has called for white mock hacking tests to assess the information security preparedness of businesses, including virtual asset exchanges, in order to protect sensitive data.

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Information	Details
Geography	Asia
Countries
Sentiment	neutral
Relevance Score	6
People	Rep. Park Seong-jung
Companies	Ministry, UPbit, OKX, Coinbase, Dunamu
Currencies	Bitcoin
Securities	None