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<p>The post <a rel="nofollow" href="https://coinpedia.org/news/upbit-crypto-exchange-faced-159000-hacking-attempts-in-the-first-half-of-2023/">Upbit Hacking Attempts Surge 117% in a Year: Is Your Crypto Safe?</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>Recently, the South Korean cryptocurrency exchange <a href="https://coinpedia.org/crypto-live-news/upbit-sees-160000-hacking-attempts-in-h1-2023/">Upbit</a> revealed that it grappled with an astounding 159,000 hacking attempts in the first half of 2023. This marks a remarkable surge in cyberattacks on the exchange, witnessing a 117% increase compared to the previous year and a staggering 1800% surge from 2020.</p> 
<h2 class="wp-block-heading" id="h-upbit-s-growing-challenges">Upbit’s Growing Challenges </h2> 
<p>Upbit, a major cryptocurrency exchange in <a href="https://coinpedia.org/crypto-live-news/south-koreans-proclaim-98-5bn-in-overseas-crypto-assets/">South Korea</a>, which handles around $1.2 billion in daily trading, was targeted by an unprecedented number of hacking attempts in early 2023.</p> 
<p>The company behind Upbit, <a href="https://www.yna.co.kr/view/AKR20231007053200002">Dunamu</a>, shared this concerning information with Park Seong-Jung, a representative from South Korea’s People Power Party.</p> 
<p>To counter these security threats, Upbit has taken steps to improve security. They now keep 70% of their funds in cold wallets, which are considered safer because they are not connected to the internet. Upbit has also enhanced the security of funds stored in hot wallets, which are more vulnerable because they keep private keys online.</p> 
<p><strong>This isn’t the first time! </strong></p> 
<p>Upbit faced a significant security breach in 2019, resulting in a loss of $50 million. However, they have not encountered security issues since then, according to a spokesperson from Dunamu.</p> 
<p>Recently, Upbit had to briefly stop its Aptos token services due to a failure to detect a fake token named “ClaimAPTGift.com,” affecting about 400,000 Aptos wallets.</p> 
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   <p lang="en" dir="ltr">Amazing Korean exchange upbit incident today<br><br>1. The Largest S.Korean exchange <a href="https://twitter.com/Official_Upbit?ref_src=twsrc%5Etfw">@Official_Upbit</a> , abruptly halted Aptos' deposits and withdrawals, citing a wallet system maintenance without any specific reason<br><br>2. Various Korean users have posted authentication claiming that they… <a href="https://t.co/OjfCwhB4eV">pic.twitter.com/OjfCwhB4eV</a></p>— Definalist (@definalist) <a href="https://twitter.com/definalist/status/1705900412208029894?ref_src=twsrc%5Etfw">September 24, 2023</a>
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<p>Also Read: <a href="https://coinpedia.org/news/upbit-mistakes-scam-tokens-for-real-atp/">Upbit Mistakes Scam Tokens for Real ATP, Warns Users of Price Fluctuations</a></p> 
<h2 class="wp-block-heading" id="strong-rallying-for-government-action-strong"><strong>Rallying for Government Action </strong></h2> 
<p>Given the rise in cryptocurrency-related hacks, Park Seong-jung has urged the South Korean government to take action. He called on the Ministry of Science and Technology to conduct security tests and assess information security to prepare for potential cyberattacks on cryptocurrency exchanges.</p> 
<p>Park stressed the need for collaboration between the government and cryptocurrency exchanges to enhance security and protect traders’ and investors’ investments.</p> 
<h2 class="wp-block-heading" id="we-have-a-larger-problem-at-hand">We Have a Larger Problem at Hand </h2> 
<p>It’s essential to note that Upbit is not the only exchange facing cyberattacks. CoinEx, a Hong Kong-based exchange, suffered a massive $70 million hack in September due to a compromised private key.</p> 
<p>In a separate attack on September 24, Huobi Global’s HTX exchange lost $7.9 million.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">Red Code<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;">Yesterday, our ML-powered system detected a suspicious transaction involving <a href="https://twitter.com/HuobiGlobal?ref_src=twsrc%5Etfw">@HuobiGlobal</a> and <a href="https://twitter.com/HTX_Global?ref_src=twsrc%5Etfw">@HTX_Global</a>.<br>Despite our attempts to reach out, we received no response. An EOA received 5K <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> $7.9M from <a href="https://twitter.com/HuobiGlobal?ref_src=twsrc%5Etfw">@HuobiGlobal</a>'s hot wallet.<br><br><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f50d.png" alt="🔍" class="wp-smiley" style="height: 1em; max-height: 1em;"> This morning, we spotted… <a href="https://t.co/3oqHhAVi8P">pic.twitter.com/3oqHhAVi8P</a></p>— 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> Cyvers Alerts 
   <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@CyversAlerts) <a href="https://twitter.com/CyversAlerts/status/1706301345223897506?ref_src=twsrc%5Etfw">September 25, 2023</a>
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<p>As cyberattacks on cryptocurrencies increase, ensuring the security of digital assets becomes a significant concern. Investors must take active steps on protecting their funds and investments. </p> 
<p>Also Read: <a href="https://coinpedia.org/news/singapore-establishes-inter-departmental-committee-to-combat-money-laundering/">Singapore Cracks Down on Money Laundering with New Committee; Plan Laid Out</a></p>

Upbit Hacking Attempts Surge 117% in a Year: Is Your Crypto Safe?

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