Upbit

Last updated

Upbit
Founded2017
Headquarters
Seoul
,
South Korea
Products Cryptocurrency exchange
Parent Dunamu Inc.
Website www.upbit.com

Upbit is a South Korean cryptocurrency exchange founded in 2017. [1] It is operated by Dunamu, which is one of the highest-valued startups in South Korea. [2]

Contents

History

Upbit launched in South Korea on October 24, 2017, with the help of its partnership with American cryptocurrency exchange Bittrex. [1]

Sirgoo Lee was named CEO of Dunamu, Upbit's parent company, on December 21, 2017, with Dunamu founder and CEO Chi-hyung Song assuming the role of chairman. Lee previously served as Co-CEO of Kakao Corp. and JOINS, Inc. [3]

Approximately two months after its launch, Upbit became the top global cryptocurrency exchange in terms of 24-hour trading volume. [4]

On May 10, 2018, its main office was raided as part of a fraud probe. [5]

The exchange began expanding into Southeast Asia in late 2018, first by launching in Singapore on October 30, [6] and then beginning services in Indonesia starting January 2019[ citation needed ], and Thailand starting January 2021. [7]

On December 21, 2018, three Upbit officials were indicted for allegedly making fake orders. The exchange denied the allegations. [8] [9] [10]

In December 2018, Upbit became the first cryptocurrency exchange in the world to receive certifications from the Korea Internet and Security Agency for Information Security Management System (ISMS)[ citation needed ] and the International Organization for Standardization (ISO) for information security (ISO 27001), cloud security (ISO 27017), and cloud privacy (ISO 27018). [11]

Security incidents and regulations

On November 27, 2019, Upbit lost about US$48.5 million worth of Ethereum from a hack. [12]

In September 2021, South Korea started to regulate virtual asset service providers. [13]

References

  1. 1 2 "Korea's Largest Cryptocurrency Exchange 'Upbit' Starts Providing Open Beta Services". BusinessKorea. October 25, 2017.
  2. ↑ Kang, John. "NFT Craze, Cryptocurrency Boom Mint Korea's First Two Billionaires From Crypto Industry". Forbes. Retrieved November 13, 2021.
  3. ↑ "Ex-Kakao CEO named to lead Upbit operator Dunamu". www.theinvestor.co.kr. Retrieved April 12, 2019.
  4. ↑ "Korea's Cryptocurrency Exchange 'Upbit' Ranks First in the World in Daily Transactions". 비즈니스코리아 - BusinessKorea (in Korean). January 17, 2018. Retrieved April 12, 2019.
  5. ↑ "Bitcoin Prices Slide as South Korea's Largest Crypto Exchange Gets Raided". The Wall Street Journal. May 11, 2018.
  6. ↑ "Upbit launches crypto exchange in Singapore". www.theinvestor.co.kr. Retrieved April 12, 2019.
  7. ↑ "Upbit upsets crypto balance of power". Bangkok Post. Retrieved July 13, 2021.
  8. ↑ "Upbit indicted for issuing fake cryptocurrency orders". The Korea Times. December 21, 2018.
  9. ↑ "Another cryptocurrency fraud case further dampens market sentiment". The Korean Herald. December 21, 2018.
  10. ↑ "Upbit cryptoexchange may have faked trades". Korea JoongAng Daily. December 22, 2018.
  11. ↑ "Upbit wins 3 ISO information security certifications". 서울경제 (in Korean). December 11, 2018. Archived from the original on April 12, 2019.
  12. ↑ Osborne, Charlie (November 27, 2019). "Upbit cryptocurrency exchange loses $48.5 million to hackers". ZDNet.
  13. ↑ Euihyun Bae (September 24, 2021). "South Korea Takes First Step to Regulate Virtual Asset Service Providers". The Diplomat.
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