In the first half of 2021, South Korea-based cryptocurrency exchange UPbit has been the target of an increasing number of cyberattacks. Indeed, UPbit's parent company, Dunamu, recently disclosed the figures for these attacks. A total of 159,061 hacking attempts were made during this period. To counter this, the company is using security solutions inspired by artificial intelligence.
Reinforcing security measures with the help of artificial intelligence
In response to this growing threat, UPbit has taken initiatives to improve its security features and protect its assets. In this context, UPbit is banking on technological advances in the field of artificial intelligence (AI). It has set up monitoring and error detection systems based on complex machine learning algorithms. This enables UPbit to effectively prevent illegitimate intrusions. However, the platform does not sacrifice the accessibility and ease of use demanded by customers. Enhanced measures include:
- Two-factor authentication: Users must go through a two-step verification process when logging in or requesting a transfer.
- Improved management of hot portfolios: UPbit is working on the implementation of protocols to reduce the vulnerability of hot portfolios to computer attacks.
- Detection of suspicious behavior: The artificial intelligence system in place continuously monitors transactions and detects unusual activity. As a result, hacking attempts are immediately blocked.
- Regular internal audits: UPbit carries out internal audits to continue improving its safety systems.
The government's role in the fight against piracy
Rep. Park Seong-jung, a South Korean politician, expressed concern about the role of the state in managing and preventing these cyberattacks. Indeed, these hacks threaten the country's cryptocurrency exchange platforms and other sensitive infrastructures. He therefore called on the **Ministry of Science and ICT** to conduct regular penetration tests. It evaluates current security arrangements and ensures that South Korean institutions are ready to deal with such incidents. With this in mind, he also called on the government to step up technical and financial support for public and private organizations to implement appropriate national security solutions.
What does the future hold for cryptocurrency exchange platforms?
When it comes to cryptocurrencies, anonymity and financial untraceability remain among the main concerns. This situation exposes exchange platforms to a heightened risk of cyberattacks. This makes it imperative for them to deploy resources and technologies that enable them to constantly improve their security infrastructure.
Conclusion
In this increasingly competitive environment, artificial intelligence seems to be the solution of the future. It enables protection measures to be reinforced, while maintaining an optimum level of service for users. Progress in this area could well prove to be a major competitive advantage. The platform will be able to exploit it effectively.
