Key Notes

The leading Korean exchange plans to keep almost no funds in its hot wallets.

Upbit is going far above the legal minimum of keeping only 80% of funds in cold wallets.

The move will strengthen Upbit’s security but also decrease its liquidity.

Upbit, South Korea’s largest crypto exchange, will move almost all customer assets into cold wallets after attackers breached its Solana hot wallets in late November.

Dunamu, Upbit’s parent company, announced on Wednesday, Dec. 10, that the crypto exchange is planning to move over 99% of its digital assets to cold wallets.

South Korea’s Virtual Asset User Protection Act requires all crypto exchanges to hold at least 80% of their digital assets in cold wallets.

While Upbit already holds 98.33% of its cryptocurrency holdings, the exc

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