Crypto Exchange Upbit Faced Over 159,000 Hacking Attempts in H1 2023
UPbit, South Korea's largest cryptocurrency exchange, faced a staggering 159,000 hacking attempts during the first half of 2023, according to a local news agency. This alarming increase in hacking attempts represents a 117% surge from the same period in 2022 and an astonishing 1800% increase from 2020.
The data, provided by Damu, the firm that owns and operates UPbit, highlights a concerning trend in cyberattacks on the exchange. This spike in attacks is particularly worrying, given UPbit's daily trading volume, which surpasses 2 trillion won.
UPbit has a history of resilience against cyberattacks, having suffered approximately 58 billion won in damages from a hacking incident in 2019.
Despite these efforts, the escalating frequency of virtual asset hacking, both domestically and internationally, underscores the gravity of the situation. South Korean National Assembly representative Park Xyong emphasized that government agencies should conduct comprehensive security assessments and mock hacking tests to prepare for cyberattacks on major exchanges and critical sectors handling vast amounts of personal information.
South Korea facilitated the trading of 622 types of cryptocurrencies, including popular options like Bitcoin, Ethereum, Ripple, and Dogecoin. Additionally, the market witnessed the listing of 169 new crypto coins, although 115 coins experienced trading suspensions for various reasons.
