S Korean Exchange Upbit Denies Hack Rumor

Hack Security South Korea Upbit
Author
Author
Tim Alper
About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Last updated: 
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

Upbit, one of South Korea’s biggest exchanges, has denied rumors spreading this week on Telegram that it fallen victim to a hacking attack.

Source: iStock/kokouu

Concerns had grown among South Korean cryptocurrency investors after keen-eyed community members noticed that Upbit had moved massive amounts of crypto-funds over the past three weeks, reports the Seoul Economic Daily.

News of the move led many to assume that the exchange, which has supposedly never suffered a hack, was attempting to cover up evidence of a security breach. A Telegram channel called “Upbeat FUD (Fear, Uncertainty and Doubt)” appeared, and quickly garnered attention from much of the country’s crypto-community.

However, Upbit says it moved its funds as part of a network upgrade as it rolls out its Open API system, a platform that developers can use to customize Upbit’s API.

Upbit has described the hacking rumors as “false,” and stated that the token movement was “part of migration efforts for mainnet support.” The company added that its transfers “were done in a secure, managed environment.”

The Seoul Economic Daily quotes an Upbit official who called the issue a “misunderstanding,” and asserted, “Upbit keeps over 70% of its assets in cold wallets, per the recommendations of the Korea Blockchain Association. Our customers’ assets are always handled safely.”

As reported, the fallout from USD 32 million hack on South Korean major exchange Bithumb has dealt a major blow to investor confidence. Media analysts and web users alike have concluded: “Only Upbit is left.”

Logo

Why Trust Cryptonews

2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors
editors
+ 66 More

Best Crypto ICOs

Discover trending tokens still in presale — early-stage picks with potential

Explore Our Tools

Smart tools made for everyday crypto users

Market Overview

  • 7d
  • 1m
  • 1y
Market Cap
$3,370,464,606,505
-2.14
Trending Crypto

More Articles

Altcoin News
Coinbase Debuts Crypto Checkout System, Allowing Merchants to Accept USDC Instantly
Amin Ayan
Amin Ayan
2025-06-19 08:59:27
Blockchain News
Treasury Chief Bessent Declares ‘Crypto is Not a Threat to the Dollar’ as GENIUS Act Near Approval
Anas Hassan
Anas Hassan
2025-06-19 08:31:50
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors