Upbit Exchange Hacking Attacks Doubled in 2023
South Korea’s Largest Exchange Falls Victim to Increased Hacking Attacks
Upbit, South Korea’s leading cryptocurrency exchange, has been targeted by a staggering 159,061 hacking attacks in the first half of 2023, according to local media Yonhap. This number is nearly 2.17 times higher than the previous year, highlighting the growing threat faced by the exchange.
Upbit Fights Back with Enhanced Security Measures
In response to the surge in hacking attacks, Upbit has taken proactive steps to safeguard its platform and users’ funds. The company has increased the percentage of funds held in cold wallets by 70% and bolstered security measures for hot wallet funds. These efforts demonstrate Upbit’s commitment to providing a secure environment for its users.
Upbit Gains Traction Amid Binance Regulatory Issues
As Binance, one of the major players in the cryptocurrency exchange landscape, faces regulatory challenges, Upbit has seized the opportunity to expand its market share. With a 5.5% increase in market share, Upbit is gaining traction and attracting users, positioning itself as a reliable alternative.
Resilience in the Face of Adversity
In 2019, Upbit experienced a significant hack that resulted in the loss of $51 million worth of ETH. However, the exchange demonstrated its resilience by resuming normal operations after a two-month hiatus. This incident highlighted Upbit’s unwavering commitment to providing a secure platform for its users, even in the face of adversity.
Expanding Brand Presence through Sports Sponsorship
Beyond its activities in the crypto space, Upbit has ventured into sports sponsorship to enhance its brand presence. The exchange has partnered with Napoli, a football club competing in Italy’s Serie A and Coppa Italia, showcasing its willingness to explore new avenues for brand promotion and reaching a wider audience.
Upbit, with a trading volume of nearly $1.2 billion, continues to solidify its position as one of South Korea’s leading cryptocurrency exchanges. Through its efforts to combat hacking attacks, expand market share, and diversify brand promotion, Upbit remains at the forefront of the competitive crypto landscape.
