Upbit Deflected 879 Hacking Attempts per Day in First Half of the Year

The exchange is immensely popular in the country and is known for attracting speculative rallies.

AccessTimeIconOct 9, 2023 at 11:42 a.m. UTC

Hackers attempted to infiltrate Upbit, South Korea’s largest exchange by trading volumes, nearly 160,000 times in the first half of this year, parent firm Dunamu said in a regulatory filing as reported by local outlet YNA.

Dunamu submitted its findings to Rep. Park Seong-jung (People Power Party) of the Science, Technology, Information, Broadcasting and Communications Committee of the National Assembly on the 9th, the report stated.

That’s about 879 on average each day. Hackers may have employed a variety of common methods for the attacks, such as email phishing or DDoS, although Dunamu did not mention specifics in the filing.

DDoS, short for Distributed Denial-of-Service, is a cybercrime in which the attacker floods a server with internet traffic to prevent users from accessing connected online services and sites.

Dunamu said the findings were 2.17 times the of “infringement attempts” in the first half of last year, which saw just over 73,200 cases.

Although not widely known outside of its home market, UPbit trades billions of dollars on tokens and Korean won trading pairs and is notorious for attracting exuberant rallies on listed tokens.

Earlier this year, the exchange processed some $2.5 billion in XRP trading volumes over a 24-hour period, as a U.S. court ruled the sale of XRP on exchanges did not constitute investment contracts. The tokens traded at a premium of as much as 10% compared to global XRP markets at the time.

Edited by Parikshit Mishra.


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Shaurya Malwa

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