Strengthening its walls after a hack in late 2022, S Korean crypto commutation Upbit has finished a security upgrade for the wallets on its exchange platform, restoring functionality once over again.

Upbit decided to update its defenses in response to an Ethereum (ETH) hack the exchange suffered in 2022, an Upbit representative confirmed to Cointelegraph in an email on Jan. fourteen, 2022, adding:

"It is role of our effort to increase Upbit's overall security since the Ethereum theft incident terminal November. Immediately following the incident, nosotros suspended eolith/withdrawal services and transferred all crypto-assets to cold wallets. Since then, we've been revamping the wallet system for all crypto-avails traded on Upbit. As of today, new wallet services for Bitcoin, Ethereum, Litecoin, Ripple, and EOS are open."

ETH deposits and withdrawals reopened on January. 13, 2022, according to a discover the exchange posted on its website on Jan. 10.

Hacked funds

Upbit suffered a significant hack in November 2022, totaling 342,000 ETH valued at approximately $50 one thousand thousand at the time, Cointelegraph reported.

After the hack, Ethereum'southward blockchain showed thousands of ETH shifting to a different wallet address, a Dec brief revealed.

Updated Systems

Upbit's recent upgrade partially deals with asset housing. "The new system allows for a much more than dispersed storage of crypto-avails," the Upbit representative said. "We also strengthened the security infrastructure for relevant personnel," he added.

The exchange's recent annotation announcing the reopening of its ETH wallets likewise urged users not to transfer ETH to former wallet addresses, and that they should delete whatsoever old addresses, also every bit generate new ETH wallet addresses.

"With the security upgrade, we are implementing a completely new wallet organization for all crypto-avails," the Upbit representative told Cointelegraph. "As such, addresses under the previous system will exist non-functional and new addresses need to be generated."

Last yr saw an unfortunate number of other cryptocurrency hacks, every bit Cointelegraph recently detailed in a separate commodity.