#加密货币安全事件 Looking back at the history of cryptocurrency security incidents, the hack of Upbit reminds me of the 2016 Bitfinex incident. At that time, Bitfinex suffered a hack resulting in the loss of 120,000 bitcoins, but ultimately overcame the crisis through issuing tokens and other measures. Now seeing Upbit not only survive the security crisis but also plan to go public in the US, I can’t help but feel the resilience of the crypto industry.

From Upbit’s development trajectory, it’s clear that excellent exchanges are transforming into comprehensive fintech platforms. This reminds me of early Coinbase, which gradually expanded its business lines from a single exchange. However, Upbit’s valuation is only 1/7 of Coinbase’s, reflecting that the market remains relatively conservative in valuing Asian exchanges.

History shows us that security incidents often serve as catalysts for the evolution of exchanges. Platforms that have weathered storms tend to strengthen their security measures and improve governance structures. The merger between Upbit and Naver Financial also confirms this—by bringing in traditional financial giants to enhance credibility and compliance.

Looking ahead, I expect to see more Asian exchanges seeking global expansion. But at the same time, we must be cautious, as new security challenges will emerge with scale. After all, in this industry, lessons from the past are always worth revisiting.