South Korean crypto exchange Upbit faced over 159,000 hacking attempts in the first six months of 2022, according to its operator, Dunamu.
The figure represents an 117% increase compared to the same period last year and an 1,800% rise since early 2020.
Upbit is one of South Korea’s largest exchanges, with around $1.2 billion in daily trading volumes. The platform has not suffered any exploits since a $50 million breach in 2019.
To counter rising attacks, Upbit has increased the proportion of funds held in cold wallets to 70% for better security. Other safeguards have also been implemented for hot wallet holdings.
Crypto exchange experience a surge in hacks
The spike in hacking attempts comes as crypto exchanges worldwide face increased threats. CoinEx lost $70 million in a September breach, while Huobi saw $7.9 million stolen.
Upbit’s operator said the exchange has successfully thwarted all hacking incidents over the past three years, despite the surge in intrusion efforts.
Nonetheless, the rapidly growing number of attacks presents an alarming threat landscape for major crypto platforms.
Exchanges like Upbit are being forced to dedicate more resources toward security even as volumes and revenues drop in the bear market.
With hackers unrelenting in targeting vulnerabilities, ensuring robust protections for user funds continues to be a top priority. The industry’s most security-focused platforms are likely to emerge strongest from the current onslaught.