Korean Crypto Exchange Upbit Faced 160,000 Hacking Attempts in 2023

In 2023, crypto exchanges are facing significant challenges, even amidst the prolonged crypto market downturn.

One notable exchange experiencing a substantial increase in security threats is South Korean trading platform Upbit.

According to a report by South Korea’s Yonhap News Agency, Upbit witnessed nearly 160,000 hacking attempts during the first half of this year alone. This is more than 2.17 times the number of attempted breaches recorded in the same period of 2022, as reported on October 9.

These statistics were sourced from the Science and Technology Information and Communication Committee of South Korea’s National Assembly. This concerning trend of security threats persists even as the crypto markets have declined by 63% from their previous peak.

The number of hacking attempts targeting Upbit has shown a continuous upward trajectory, escalating from 8,356 attempts in the second half of 2020 to 73,249 in the first half of 2022.

READ MORE: US Bond Market Rebound: 2024 Predictions

Cybercriminals have been diversifying their targets, with Lazarus, a notable hacking group, shifting its focus towards cross-chain bridges and DeFi platforms. South Korean crypto platform GDAC lost over $13 million in a hot wallet hack in April of this year.

The previous year also saw high-profile hacks affecting platforms like FTX and Crypto.com, along with attacks on exchanges such as AscendEX, BitMart, and Liquid in 2021. These incidents underscore the growing need for enhanced security measures in the cryptocurrency industry, given the escalating threats faced by exchanges like Upbit.