Upbit Removes Taiko Warning After Reviewing June Security Breach
South Korean exchange Upbit has lifted its warning for Taiko (TAIKO) after reviewing the project's response to a June security breach. The incident, which exposed users to losses of over $1 million, prompted Upbit and Bithumb to suspend TAIKO deposits while they assessed the situation.
Upbit reviewed Taiko's explanation and later security measures before deciding that 'the reason for the trading warning has been resolved.' The exchange removed TAIKO from its trading warning list on July 24, allowing users to resume deposits across three markets. However, it warned traders about renewed price volatility due to potential differences in prices with overseas exchanges.
Taiko's bridge and chain-state verification system were compromised in the June attack, forcing the project to halt network activity and ask centralized exchanges to stop TAIKO deposits. The team contained unauthorized withdrawals after pausing affected systems and coordinating with its Security Council and partners.