Upbit Crypto Exchange Upgrades It’s Cold Policy To Frustrate Hackers

According to Representative Park, a South Korean Lawmaker, the high rise of hacking attacks which is targeting virtual assets platforms locally and globally has become a great concern.

The cryptocurrency exchange Upbit has experienced a series of hack attacks since 2020 which has climbed to 159K times.

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It is one of the 20 cryptocurrency exchanges by spot trading volume which is known to have sustained up to 58 billion won ($42.8 million) losses because of hacking incidents.

Due to these hacking incidents, the cryptocurrency exchange has implemented measures to thwart further occurrences.

Presently, Upbit is effectively countering subsequent cyber-attacks by distributing its hot wallets says Yonhap.

Quick Takes

• According to reports, the exchange’s operating firm, the figure has doubled to a huge 1, 800% increase from the 1^st half of 2020 to the 1^st half of 2023.
• Reports from Dunamu, Upbit’s operator, and Park Seong-Jung, a South Korean lawmaker disclose that the hacking attempts on Upbit rose from 8,400 it was on 2020 to 159,061 in the 1^st half of 2023.
• Following the continuous attempt by hackers to siphon Upbit’s funds, the crypto exchange has started using more of its cold wallets.
• Moreover, generally, hot wallets are more susceptible to online threats and hacking since they are linked to the internet, while cold wallets are private keys that shield funds from the risks associated with the online environment.

What’s Happening In Crypto Today?

As of the time of this writing, Bitcoin is trending as it records a price of $27,504.47, with a decline of 1.23% on the market cap and an increase in trading volume of 36.37%.

On the side of Ethereum, it is currently changing hands at the price of $1,590.78, with a drop in market cap by 1.69% and an increase in trading volume by 53.17%.

• Meanwhile, Solana right now is priced at $22.25, with a drop in market cap by 4.13% and an increase in trading volume by 22.83%.
• Cardano on the other hand is at the moment trading at $0.2516, with a decline in market cap by 1.83% and an increase in trading volume by 14.59%.
• While, Dogecoin is right now selling at $0.05875, with a drop in market cap by 3.65% and an increase in trading volume by 87.55%.
• TRON is at the moment sold at $0.0869, with a decline in market cap by 0.82% and an increase in trading volume by 9.39%.
• , Toncoin right now trades at $2.01, with a drop in market cap by 0.60% and an increase in trading volume by 31.05%.