South Korea’s Upbit Faces Increased Threats: Fortifies Asset Security
- Upbit encounters 159,061 attempted network breaches in H1 2021, marking a 2.17-fold increase from last year.
- The exchange ramps up security by employing cold wallets for over 70% of its asset management.
- Hot wallets at Upbit to transition towards a multi-structured decentralized operational system.
South Korea’s premier cryptocurrency exchange, Upbit, recently disclosed that it faced a staggering 159,061 attempted network attacks in the first half of 2021. This number is more than double the attacks experienced in the same timeframe last year. This revelation underscores the increased challenges exchanges face in ensuring the safety and security of their platforms amidst growing cyber threats.
Upbit, South Korea’s largest exchange, said it suffered 159,061 attempted network attacks in the first half of this year, 2.17 times more than last year. In order to enhance security, cold wallets will be used to control more than 70% of asset management, and hot wallets will…
— Wu Blockchain (@WuBlockchain) October 9, 2023
Responding to these challenges, Upbit is rolling out enhanced security measures to fortify its defenses. In a significant move to ensure the safety of its users’ assets, the exchange will now store more than 70% of its total assets in cold wallets. Cold wallets, being offline, are inherently more secure than their online counterparts and provide an added layer of protection against potential cyber-attacks.
In addition to this, Upbit plans to implement a multi-structure decentralized system for its hot wallets. This operational shift will further reduce the risk of concentrated attacks and offer better protection to the assets housed in hot wallets.
Upbit’s proactive stance towards bolstering its security framework is a testament to the exchange’s commitment to safeguarding its users’ assets. As the crypto industry continues to grow, ensuring robust security measures is paramount, and Upbit’s latest initiatives exemplify this focus.