The increasing popularity of Bitcoin (BTC) and cryptocurrencies has also led fraudsters to this sector.
At this point, as we constantly hear about new crypto fraud and hacking news, an interesting report came from Dunamu, the company to which Upbit is affiliated.
According to local news agency Yonhap, Dunamu said that Upbit, South Korea's largest cryptocurrency exchange, was subject to more than 159,000 hack attempts in the first half of 2023.
Dunamu stated that this figure is 2.17 times the number of hacking attempts in the first half of 2022, which was 73,249.
Giving the number of hacking attempts in the past years, Dunamu said, “The number of hacking attempts on Upbit was determined as 8,356 in the second half of 2020. However, this number increased to 34,687 in the first half of 2021, to 63,912 in the second half of 2021, and to 63,912 in the second half of 2022.” “It increased to 73,249 in the first half and to 73,249 in the second half of 2022. Finally, it increased to 159,061 in the first half of 2023.” said.
In its report, Dunamu stated that Upbit increased the percentage of funds held in cold wallets to 70% to prevent hacking attempts and strengthen security.
Upbit said it has also increased security measures for funds held in hot wallets.
Referring to the $50 million hack attack that Upbit experienced in 2019, Dunamu pointed out that Upbit has not been subject to a single security breach since then.
“Following the hacking incident in 2019, we took various measures to prevent its recurrence, such as distributing and operating hot wallets, and Upbit has not experienced a single cyber breach to date.”
*This is not investment advice.