{"id":554636,"date":"2023-10-09T13:00:17","date_gmt":"2023-10-09T13:00:17","guid":{"rendered":"https:\/\/uniquehot.com\/?p=554636"},"modified":"2024-06-11T08:37:43","modified_gmt":"2024-06-11T08:37:43","slug":"crypto-exchange-hackers-159000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-exchange-hackers-159000\/","title":{"rendered":"Time For Self-Custody? Crypto Exchange Reveals Hackers Tried To Gain Access 159,000 Times"},"content":{"rendered":"

Reports from South Korea-based Yonhap News Agency have <\/span>revealed<\/span><\/a> that Upbit, one of the largest crypto exchanges in South Korea experienced over 159,000 hacking attempts in the first half of 2023 alone.<\/span><\/p>\n

Upbit’s Hacking Attempts<\/span><\/h2>\n

According to the data from Upbit’s parent company <\/span>Dunamu<\/span><\/a> shared with the local news agency, the hacking attempts of the first half of 2023 indicate a 117% increase compared to the first half of 2022, and a 1,800% increase in hacking attempts compared to the second half of 2020.<\/span><\/p>\n

Related Reading: Crypto Analyst Presents Data To Prove That XRP Is Deflationary<\/a><\/div>\n

The crypto exchange recorded 8,356 hack attempts in the second half of 2020, 34,687 in the first half of 2021, 63,912 in the second half of 2021, 73,249 in the first half of 2022, and 73,249 in the second half of 2022.<\/span><\/p>\n

These hack attempts have increased over the years after the crypto exchange <\/span>suffered a hack of 58 billion won ($50 million) in 2019. <\/span><\/a>The exchange has since successfully fortified its security measures to prevent these hacks, and the exchange has not experienced any exploit since 2019.<\/span><\/p>\n

\u201cAfter the hacking incident in 2019, we took various measures to prevent a recurrence, such as distributing hot wallets and operating them, and to date, not a single cyber breach has occurred,\u201d a Dunamu Official stated.<\/span><\/p>\n

Some of these measures included an increased percentage of money retained in cold wallets by 70%. Hot wallets, which keep keys online and are more susceptible to breaches, are thought to be less secure than cold wallets, which store private keys offline.<\/span><\/p>\n

This is because the majority of known cryptocurrency exchange hacking instances have occurred in hot wallets, especially the crypto hacks that occurred in September. One such example is Hong Kong-based <\/span>CoinEx which suffered a $70 million hack in September 2023<\/span><\/a>, and <\/span>Mixin Network which suffered a $200 million hack<\/span><\/a>, among others.<\/span><\/p>\n

\"Crypto<\/p>\n

Total market cap sitting at $1.05 trillion | Source: Crypto Total Market Cap on Tradingview.com<\/a><\/pre>\n
Due to the significant increase in cryptocurrency hack attempts in South Korea, the country’s Representative Park Seong-jung has called upon the South Korean government to take considerable measures to handle the issue.<\/span><\/p>\n
\u201cThe Ministry of Science and Technology must conduct large-scale whitewashing mock tests and investigate information security conditions in preparation for cyber attacks against virtual asset exchanges where hacking attempts are frequent,\u201d Representative Park said.<\/span><\/p>\n
Upbit recently experienced an issue in late September 2023, where <\/span>the crypto exchange was unable to identify a fake token, \u201cClaimAPTGift.com<\/span><\/a>, present in 400,000 Aptos wallets. This led to the suspension of Aptos token services.<\/span><\/p>\n
Compilation Of Crypto Funds Stolen In September<\/span><\/h2>\n
September 2023, was a nightmare for certain crypto exchanges as about <\/span>$332 million in crypto assets were stolen <\/span><\/a>from certain crypto exchanges in September alone.<\/span><\/p>\n
Related Reading: Dogecoin In A Dire Position As Daily Active Addresses Drop Drastically<\/a><\/div>\n
Blockchain security firm Certik took to their official X handle in late September to <\/span>share<\/span><\/a> the compilation of the crypto hacks that occurred in the month alone and how much was stolen from these incidents.<\/span><\/p>\n
The stolen funds accounted for exploits, exit scams, and flash attacks. However, exploits accounted for the most, with over 98% ($329.8 million) of the total amount stolen in that month, while exit scams and flash attacks accounted for the rest.<\/span><\/p>\n
Featured image from CryptoStars, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Reports from South Korea-based Yonhap News Agency have revealed that Upbit, one of the largest crypto exchanges in South Korea experienced over 159,000 hacking attempts in the first half of 2023 alone. Upbit’s Hacking Attempts According to the data from Upbit’s parent company Dunamu shared with the local news agency, the hacking attempts of the first half of 2023 indicate a 117% increase compared to the first half of 2022, and a 1,800% increase in hacking attempts compared to the second half of 2020. Related Reading: Crypto Analyst Presents Data To Prove That XRP Is Deflationary The crypto exchange recorded 8,356 hack attempts in the second half of 2020, 34,687 in the first half of 2021, 63,912 in the second half of 2021, 73,249 in the first half of 2022, and 73,249 in the second half of 2022. These hack attempts have increased over the years after the crypto exchange suffered a hack of 58 billion won ($50 million) in 2019. The exchange has since successfully fortified its security measures to prevent these hacks, and the exchange has not experienced any exploit since 2019. \u201cAfter the hacking incident in 2019, we took various measures to prevent a recurrence, such as distributing hot wallets and operating them, and to date, not a single cyber breach has occurred,\u201d a Dunamu Official stated. Some of these measures included an increased percentage of money retained in cold wallets by 70%. Hot wallets, which keep keys online and are more susceptible to breaches, are thought to be less secure than cold wallets, which store private keys offline. This is because the majority of known cryptocurrency exchange hacking instances have occurred in hot wallets, especially the crypto hacks that occurred in September. One such example is Hong Kong-based CoinEx which suffered a $70 million hack in September 2023, and Mixin Network which suffered a $200 million hack, among others. Total market cap sitting at $1.05 trillion | Source: Crypto Total Market Cap on Tradingview.com Due to the significant increase in cryptocurrency hack attempts in South Korea, the country’s Representative Park Seong-jung has called upon the South Korean government to take considerable measures to handle the issue. \u201cThe Ministry of Science and Technology must conduct large-scale whitewashing mock tests and investigate information security conditions in preparation for cyber attacks against virtual asset exchanges where hacking attempts are frequent,\u201d Representative Park said. Upbit recently experienced an issue in late September 2023, where the crypto exchange was unable to identify a fake token, \u201cClaimAPTGift.com, present in 400,000 Aptos wallets. This led to the suspension of Aptos token services. Compilation Of Crypto Funds Stolen In September September 2023, was a nightmare for certain crypto exchanges as about $332 million in crypto assets were stolen from certain crypto exchanges in September alone. Related Reading: Dogecoin In A Dire Position As Daily Active Addresses Drop Drastically Blockchain security firm Certik took to their official X handle in late September to share the compilation of the crypto hacks that occurred in the month alone and how much was stolen from these incidents. The stolen funds accounted for exploits, exit scams, and flash attacks. However, exploits accounted for the most, with over 98% ($329.8 million) of the total amount stolen in that month, while exit scams and flash attacks accounted for the rest. Featured image from CryptoStars, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":554641,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83386,3],"tags":[6664,12307,12029,14690,15355,1557,1558],"class_list":["post-554636","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","category-news","tag-crypto","tag-crypto-exchange","tag-crypto-hack","tag-crypto-news","tag-crypto-theft","tag-cryptocurrencies","tag-cryptocurrency"],"acf":[],"yoast_head":"\nTime For Self-Custody? 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Time For Self-Custody? 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