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Dunamu Reveals 160,000 Cyberattacks on Upbit in 2023

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In a recent report, Upbit, one of the leading crypto exchanges in South Korea has fallen victim to 160,000 cyberattacks

Dunamu’s report submitted to Park Seong-jung, a South Korean Representative revealed the startling hacking attempts.

According to the report, the 160,000 cyber-attacks on the exchange are just for the first half of 2023.

The emphasis of the report highlighted the decree of urgency needed to advance cybersecurity measures.

READ ALSO:Unlocking Crypto Wealth: How to Earn Cryptocurrencies without an Initial Investment

Note that Dunamu is a blockchain and fintech company and operator of Upbit in South Korea since October 2017.

In 2023, Upbit experienced a growing hacking attempt of 117% against the attacks it recorded within the same period in 2022.

Sadly, the cyberattacks this year show a shocking 1,800% increase in hacking attempts on the exchange from the same period in 2020.

This reveals a persistent cybersecurity threat on Upbit.

Responding to Dunamu’s report, Park Seong-jung, the South Korean National Assembly member called on the government to intensify the fight against cyberattacks.

Moreover, he focused on crypto-related hacking attempts following the increasing rate of such attacks.

So, he urged the Ministry of Science and ICT to develop stricter regulations and carry out all-inclusive cybersecurity assessments.

With this, he believed they could get prepared for possible hacking attempts on crypto exchanges in the future.

Furthermore, Seong-jung also stressed the need for crypto exchanges and the government to work together to protect investors’ funds.

Crypto Exchange Cyberattacks Not Only Through Vulnerable Private Keys

Following the ugly events that led to illicit funds withdrawal from crypto exchanges, security topics were based on some vulnerabilities.

These vulnerabilities include those associated with withdrawal security and private key management.

However, Nass Eddequioaq, Co-founder of BastionPlatform and former Chief Security Officer at A16z Crypto, shared that hackers also target deposit vulnerability.

He shared this via the X platform following the breach on Upbit in September 2023, stating that deposit vulnerabilities have been overlooked.

But, before the recent cyberattack on Upbit in September 2023, the crypto firm which has suffered various hacking attempts fortified its security.

A report shows that the exchange took a drastic and reliable security decision of saving over 70% of its assets in cold wallets.

It means that more than 70% of Upbit’s funds are stored offline to prevent further cyberattacks on its hot wallets.

This decision was taken after a 2019 security breach which made it lose $49 million.

 

 

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