Analyzing this Upbit incident reveals that there are still significant vulnerabilities in the exchange's security management. Although the CEO has promised full compensation, the loss of 44.5 billion KRW is substantial. This once again highlights the potential risks of centralized exchanges. According to on-chain data, the attacker exploited a vulnerability related to private key inference, reminding us to pay close attention to the security of wallet systems. In the future, we may see more exchanges adopting more secure solutions such as multi-signature or distributed key management. For users, diversifying asset storage and regularly transferring funds to cold wallets remain effective ways to reduce risk.