Upbit exchange hacking attacks doubled in 2023
South Korea’s largest exchange, Upbit, suffered 159,061 attacks during the first half of 2023.
According to the local media Yonhap, it is nearly 2.17 times more than in 2022.
To fight back against the increasing trends of hacking attacks, the company increased the portion of funds it held in cold wallets by 70%. It also grew the security levels for its hot wallet funds.
Upbit is currently one of the leading cryptocurrency exchanges in South Korea. The company has a trading volume of nearly $1.2 billion.
Due to Binance regulatory issues, the company increased its market share by 5.5%. Upbit is gaining traction and attracting users in the competitive cryptocurrency exchange landscape.
In 2019, the exchange experienced a significant hack, losing $51 million worth of Ethereum (ETH). Despite this setback, Upbit resumed its normal operations after a two-month hiatus, demonstrating its resilience and commitment to providing a secure platform for users.
In addition to its activities in the crypto space, Upbit has expanded its brand presence through sports sponsorship. The exchange partnered with Napoli, a football club in Italy’s Serie A and Coppa Italia competitions. This move showcases Upbit’s willingness to explore new avenues for brand promotion and reach a wider audience.