Upbit Wallet Gets Security Boost Following Crypto Breach

South Korea’s biggest cryptocurrency exchange, Upbit, has deleted all old deposit addresses as part of a major wallet update. Users now need to create new deposit addresses before sending any funds.

This update comes after a security breach on November 27, which caused losses of about 44.5 billion KRW (roughly $33 million). Because of this, Upbit is gradually reopening deposits and withdrawals for affected assets. The update is designed to protect users and restore trust in the platform.

Deposit and Withdrawal Resumption

Starting December 5 at 17:00 KST, Upbit will gradually allow deposits and withdrawals for 33 crypto assets across 21 networks.

The exchange emphasized that users must generate new deposit addresses before making any transactions. Old addresses will no longer work. This step is necessary to keep funds safe and reduce the risk of further losses.

Upbit has been performing wallet maintenance and reviewing its security systems since the breach. In addition, the update strengthens protections for user assets and helps prevent future attacks.

Background: The November Breach

On November 27, Upbit experienced a serious hack. Cybercriminals stole approximately 44.5 billion KRW. This affected multiple cryptocurrencies and shook confidence in the exchange.

Although Upbit froze certain operations and began an investigation immediately, the incident shows that even large exchanges are vulnerable. Therefore, users must stay vigilant and follow security best practices when using centralized platforms.

Guidance for Users

Upbit has provided clear instructions for its users:

• Generate new deposit addresses before making any transfers.
  
• Avoid using old deposit addresses for any transactions.
  
• Regularly monitor accounts and wallets for unusual activity.
  

Additionally, Upbit has increased customer support to help users adjust to the changes. Security experts recommend enabling two-factor authentication (2FA) and checking accounts frequently to avoid unauthorized access.

Preventing Future Breaches

Upbit is also planning long-term improvements to make its platform stronger. New security measures include enhanced monitoring, advanced threat detection, and stricter internal controls. By taking these steps, Upbit hopes to reassure users and minimize the risk of future attacks while maintaining trust in its services.

Restoring Security and Trust

Upbit’s wallet update shows the exchange’s commitment to protecting user funds. By requiring new addresses and improving security, it aims to prevent future breaches.

As deposits and withdrawals gradually resume, the crypto community will be watching closely. Moreover, this event highlights that security must remain a top priority in the fast-growing cryptocurrency world.