The South Korea-based cryptocurrency exchange aims to reduce hot wallet use to nearly zero following a November 2024 theft exceeding 445 billion KRW.
Upbit announced that as of October 2025, 98.33% of its cryptocurrency holdings are stored in cold wallets, surpassing the 80% legal minimum in South Korea. Hot wallet holdings dropped to 1.67%, with plans to reduce them to near zero. The move follows a November 2024 theft incident resulting in losses exceeding 445 billion KRW.