Upbit Shifts to Cold Storage, Eliminating Hot Wallet Risks
- Upbit has reduced its hot wallet asset allocation to zero following a breach that cost over $30 million.
- As of October, approximately 98.33% of user assets are now stored in cold wallets, exceeding South Korea’s requirement of 80%.
- The shift to cold storage aims to enhance security against cyber threats, particularly after a significant incident linked to the Lazarus Group.
- Dunamu’s CEO, O Kyeong-sok, emphasized that user protection is a top priority for the exchange.
This strategic move by Upbit reflects an industry trend towards increased security measures in response to rising cybersecurity threats. By prioritizing cold storage solutions, Upbit aims to safeguard user investments more effectively.
With 98.33% of assets now held in cold storage, Upbit sets a new standard for security within the cryptocurrency market as it eliminates risks associated with hot wallets.
