South Korean crypto exchange Upbit was the target of close to 160,000 hacking attempts in the first six months of 2023, according to its operator Dunamu.
In a regulatory filing, Dunamu said Upbit faced around 879 intrusion efforts daily on average during the period. That represents a 117% increase compared to the same timeframe last year.
The company did not specify the nature of the attacks. Common hacking techniques include phishing campaigns, social engineering, and DDoS floods.
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Upbit has managed to dodge most of the exploits
Despite frequent assaults, Upbit has avoided any exploits since a $50 million breach in 2019. Dunamu credited heightened security measures, like storing more funds in cold wallets.
Upbit facilitates billions in Korean won crypto trading volumes, at times seeing frenzied rallies for newly listed tokens. A U.S. court victory for Ripple earlier this year triggered $2.5 billion of XRP trading on Upbit in 24 hours.
As one of Korea’s largest exchanges, Upbit is an attractive target for hackers. But its parent company insists not a single attempt has succeeded in three years, thanks to improved safeguards.
Nonetheless, the surging number of attacks in 2023 reveals persistent threats. Vigilance and proactive security are prerequisites for exchanges handling massive user funds.
Upbit’s experience exemplifies the mounting challenges crypto platforms face as hacking techniques grow more sophisticated. Successfully defending against nearly 160,000 intrusions shows safeguarding customer assets requires constant adaptation.