South Korean cryptocurrency exchange Upbit faced over 159,000 hacking attempts in H1 2023, a 117% increase from H1 2022 and a staggering 1800% increase from H1 2020, according to Dunamu, the firm operating Upbit. In response, Upbit increased the proportion of funds held in cold wallets to 70% and strengthened security measures for hot wallet funds. Despite a $42 million exploit in 2019, Upbit has not experienced any security breaches since implementing these measures. However, South Korean Representative Park Seong-jung called for the government to take more action against the rising number of cryptocurrency hacks.