The enterprise that operates the Upbit exchange, Dunamu, mentioned that the amount of attacks on this platform greater by 117% in contrast to the 1st half of 2022 and by one,800% in contrast to the 1st half of 2020.
Second Wu BlockchainFrom the 1st half of 2023 alone, the greatest Korean cryptocurrency exchange, Upbit, has suffered 159,061 attacks towards the platform.
To thwart attacks and make sure network safety, Upbit had to boost the percentage of asset reserves in cold wallets to 70%, although strengthening safety measures for money stored in sizzling wallets.
Upbit, South Korea’s greatest exchange, mentioned it suffered 159,061 attempted network attacks in the 1st half of this yr, two.17 occasions a lot more than final yr. In purchase to make improvements to safety, cold wallets will be utilised to management a lot more than 70% of asset management and sizzling wallets…
— Wu Blockchain (@WuBlockchain) October 9, 2023
The amount of 159,061 attacks was counted by Dunamu – the enterprise that owns and operates Upbit – when it sent a report to Mr Park Seong-jung, representative of the Korean People’s Power Party. The report exhibits that this amount greater by 117% in contrast to the 1st half of 2022 (73,249 circumstances) and by one,800% in contrast to the 1st half of 2020 (eight,356 circumstances).
Upbit’s working enterprise also extra that sizzling wallets normally turn into a favored target of hacker attacks due to the fact the “private keys” are linked on the internet. Unlike cold wallets, the place these keys are stored offline on external really hard drives and USBs, producing actual-time transactions hard, as a result really safe.
Dunamu also mentioned that Upbit is more and more strengthening the safety of its trading platform soon after the hack that triggered all around 60 billion won (equivalent to $50 million) in harm and “shocked” the international cryptocurrency market place at the finish of 2019, and confirmed due to the fact then. Upbit has not suffered any more safety breaches.
“After the 2019 hack, we have taken various measures to prevent a similar situation from happening again, such as distributing assets across multiple locations and operating hot wallets, and to date no security breach has yet occurred.”
However, at the finish of September 2023, Upbit had to block Aptos (APT) deposits and withdrawals due to mistakes created by the exchange’s management crew when recognizes a coin that impersonates APT as actual revenue and lets consumers to deposit it on the exchangeand at the exact same time need consumers to return the revenue.
Korea has prolonged been a common nation for cryptocurrency investments. According to details uncovered by the Korean Tax Agency, there are one,432 persons and providers reporting cryptocurrency assets abroad, with a complete worth of $98.five billion.
Although not named in Chainalysis’s most up-to-date cryptocurrency adoption report, the “land of kimchi” nevertheless ranks 2nd between the nations with the highest trading volume on Binance, with the worth reaching all around 60 as of May/2023 billions of bucks.
As reported by CoinliveSeptember 2023 is getting a memorable milestone as cryptocurrency attacks constantly hit quite a few exchanges and key KOLs in the sector. Typical examples consist of:
– four September 2023: Attack on Crypto Stake bookmaker, estimated reduction of $41 million
– twelve September 2023: The CoinEx exchange was attacked by sizzling wallets, resulting in a reduction of more than $70 million
– 14 September 2023: Remitano was attacked and misplaced $two.seven million
– September 25, 2023: Huobi (Cooperative) was “stolen” by hackers of $seven.9 million, and the hacking of the Mixin blockchain venture triggered the reduction of assets really worth $200 million.
Coinlive compiled
Join the discussion on the hottest concerns in the DeFi market place in the chat group Coinlive Chats Let’s join the administrators of Coinlive!!