Upbit

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upbit
Upbit logo.jpg
Founded 2017
Headquarters Seoul, South Korea
Products Cryptocurrency Exchange
Twitter @UPbitExchange
Website Upbit.com

Upbit is a South Korean cryptocurrency exchange. It offers 267 trading pairs, many of which include the Korean won, South Korea's fiat currency. According to CoinMarketCap on March 11, 2018, Upbit was the 14th largest cryptocurrency exchange in the world measured by the U.S. dollar value of its trading volume over the prior 24 hours. Its most actively traded cryptocurrency pair was the Cosmo Coin against the won.[1]

Background

Upbit's key investor is Kakao Corp which is the largest developer of smartphone apps for the South Korean market.[2]

Products and Services

While the UPbit website is entirely in Korean, it does prominently feature simply the name and logo of Bittrex, a major U.S. cryptocurrency exchange.[3] According to press reports, Bittrex provides the trading platform for non-Korean won cryptocurrency trades on Upbit.[4][5]

Upbit's affiliate Upbit Singapore Pte. Ltd operates Upbit Global, a distinct exchange which supports English usage on its platform.[6]

Cybersecurity

In May 2019, hackers allegedly from North Korea targeted Upbit users with a phishing scam. The users targeted by the scam received an email from the address, "events@UpBit.co.kr," which requested account information and contained a file called “Event Winner Personal Information Collection and Usage Agreement.hwp,” a malicious file designed to activate when the email was opened. Upbit issued a statement warning its customers not to open the email.[7] According to the head of the ESRC Center at South Korean cybersecurity firm East Security, Mun Jong-hyun, the attacks came from Kim Soo-ki, a known North Korean hacking group, as part of an ongoing malware campaign called "Operation Fake Striker."[8]

References