**Upbit Goes 99% Cold Storage after Over $30M Hack Shock**

South Korea's largest cryptocurrency exchange, Upbit, has taken drastic measures in response to a recent hack that saw over $30 million stolen from its users' accounts. In a bid to prevent further losses and protect customer assets, the exchange has announced that it will be transitioning 99% of its assets into cold storage.

The decision comes after hackers exploited a vulnerability in Upbit's system to steal an estimated 7 billion Korean won ($6 million USD) worth of cryptocurrencies from users' wallets. However, according to sources close to the matter, the actual losses could be significantly higher at over $30 million. This has sparked widespread concern among investors and regulators alike.

Cold storage is a highly secure method of storing digital assets offline, making it virtually impossible for hackers to access or steal them. By moving 99% of its assets into cold storage, Upbit is effectively safeguarding its users' funds from any potential cyber threats. This move is seen as a proactive measure by the exchange to regain trust with its customers and investors.

Upbit's decision to go cold follows a series of high-profile hacks that have plagued the cryptocurrency space in recent months. The most notable incident being the Coincheck hack earlier this year, which saw hackers steal an estimated $530 million worth of NEM tokens from Japanese users. The industry has been under scrutiny ever since, with calls for greater security measures and regulation.

Wahid, a seasoned journalist who has been analyzing and reporting on the decentralized ecosystem since 2019, notes that Upbit's decision to go cold is a significant step in rebuilding trust within the community. "This move by Upbit demonstrates their commitment to protecting customer assets and ensuring the security of their platform," he says.

Wahid has over 4,000 articles to his name, with work featured on leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. His expertise in DeFi and macro trends is well-respected within the industry, and his newsletter, On-chain Monk, provides valuable insights into the intersection of decentralized finance and global economic events.

As the cryptocurrency market continues to navigate its challenges, Upbit's decision to go cold serves as a testament to the importance of security and trust in this space. With the industry under increased scrutiny, exchanges like Upbit are taking steps to protect their users' assets and ensure the long-term viability of digital currencies.

**About the Author:**

Wahid has been analyzing and reporting on the decentralized ecosystem since 2019. He has over 4,000 articles to his name and his work has been featured on some of the leading outlets including Yahoo Finance, Investing.com, Cointelegraph, and Benzinga. Other than reporting, Wahid likes to connect the dots between DeFi and macro on his newsletter, On-chain Monk.