South Korea’s largest crypto exchange, Upbit, announced that it has increased the share of customer assets held in cold (offline) wallets to 99%, effectively reducing its hot wallet exposure to 0%. The change follows a recent incident in which hackers stole 44.5 billion KRW from one of its hot wallets. According to the exchange, the wallet system overhaul has now been completed, surpassing the country’s regulatory requirement that at least 80% of user funds be stored in cold wallets.