Reports from South Korea-based Yonhap News Agency have revealed that Upbit, one of the largest crypto exchanges in South Korea, experienced over 159,000 hacking attempts in the first half of 2023 alone. This marks a significant increase compared to previous years, with a 117% increase compared to the first half of 2022 and a 1,800% increase compared to the second half of 2020. Upbit had previously suffered a hack in 2019, resulting in a loss of $50 million, but has since strengthened its security measures and has not experienced any further breaches. The exchange has increased the percentage of funds retained in cold wallets, which are considered more secure than hot wallets. The majority of cryptocurrency exchange hacks have occurred in hot wallets, as seen in recent incidents involving CoinEx and Mixin Network. In response to the rise in hacking attempts, a South Korean representative has called for the government to take action and improve information security conditions. In September 2023, several crypto exchanges were targeted, resulting in the theft of $332 million in crypto assets. Exploits accounted for the majority of the stolen funds, with exit scams and flash attacks making up the rest. Upbit also faced an issue in September when it was unable to identify a fake token present in 400,000 Aptos wallets, leading to the suspension of Aptos token services.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Asia |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 6 |
| People | Park Seong-jung |
| Companies | Upbit, CoinEx, Yonhap News Agency, Dunamu, Mixin Network |
| Currencies | Bitcoin, Aptos |
| Securities | None |
