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South Korean cryptocurrency exchange Upbit has been targeted by hackers on more than 159,000 occasions in the first half of 2023, according to its operating firm.

The figures were reported by Dunamu the firm that owns and operates Upbit to South Korean Representative Park Seong-jung of the People Power Party,according to an Oct. 9 report by the South Korea-based Yonhap News Agency.

The report shows a 117% increase from the first half of 2022 and a whopping 1,800% increase from the first half of 2020.

Upbit is one of South Koreas largest cryptocurrency exchanges, with a 24-hour trading volume of around $1.2 billion, according to CoinGecko. Other major exchanges include Bithumb, Coinone and Gopax.

To counter hacking attempts and strengthen security, Dunamu said Upbit increased the proportion of funds it holds in cold wallets to 70%. Upbit also upped its security measures for funds held in hot wallets.

Hot wallets tend to be hacked more often than cold wallets because their private keys are stored online, unlike the former, where the keys are stored offline on external hard drives and USBs.

Upbit suffered a $50 million exploit in 2019. But since then, Upbit hasnt suffered a single security breach, a Dunamu spokesperson told Yonhap.

However, Upbit had to halt Aptos token services in late September after the platform failed to recognize a fake token, ClaimAPTGift.com, which reached 400,000 Aptos (APT) wallets.

Seong-jung acknowledged that cryptocurrency hacks have increased across the board but called on the South Korean government to take more action:

The role of the Ministry of Science and ICT in managing and supervising them is ambiguous, Seong-jung added.

Cointelegraph reached out to Upbit for comment but did not receive an immediate response.

Related: CoinEx exchange drained of $27M worth of crypto in suspected hack

Meanwhile, crypto exchanges have been targeted in a string of attacks in September.

Hong Kong-based exchange CoinEx suffered a $70 million hack in September after one of the firms private keys was compromised. The firm stated that affected users will be compensated for any lost funds.

In a separate attack, Huobi Globals HTX exchangelost $7.9 million in a Sept. 24 exploit.

Magazine: $3.4B of Bitcoin in a popcorn tin The Silk Road hackers story

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Crypto exchange Upbit targeted by hackers 159K times in H1: Report - Cointelegraph