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Upbit Thwarts 879 Hacking Attempts Daily in H1 of the Year

Oct 10, 2023 at 09:01 am

During the initial half of this year, Upbit, South Korea's premier exchange in terms of trading volumes, encountered an astounding 160,000 hacking attempts, as per a regulatory disclosure from its parent company, Dunamu. This translates to an average of about 879 daily incursion efforts. While the specific methodologies employed by the hackers were not outlined in the filing, it is conceivable that techniques like email phishing or DDoS attacks were utilized.

DDoS attacks entail inundating a server with a deluge of internet traffic, effectively incapacitating connected online services and websites. Dunamu disclosed that these figures marked a 2.17-fold surge in "infringement attempts" compared to the first six months of the preceding year, which documented slightly over 73,200 instances.

Despite its relatively lower global recognition, Upbit wields immense influence within its domestic market, facilitating trades worth billions of dollars involving tokens and the Korean won. The platform has become renowned for instigating fervent surges in the tokens it lists.

In a notable event earlier this year, Upbit managed to process XRP trading volumes that surpassed $2.5 billion within a 24-hour timeframe. This upswing coincided with a U.S. court ruling that clarified the sale of XRP on exchanges did not establish investment contracts. Consequently, the tokens were traded at a premium of up to 10% when compared to the global XRP markets at that juncture.

Read more: Pantera Study Reveals Overwhelming Majority of Crypto Employees Opt for Fiat Salaries

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