Binance’s $6.3 Billion Hack Has South Korea Asking Exchanges to Hold More Crypto Offline
By Unchained
AI summary of the source article
South Korea’s Financial Services Commission asked major cryptocurrency exchanges to hold more customer assets in cold wallets following Binance's $6.3 billion hack. Officials also reviewed IT access controls, hot-wallet withdrawal procedures, insurance coverage, and reserve levels.
Why it matters
The FSC plans to review easing rules "so exchanges can restrict withdrawals quickly in such emergencies."
Key facts
- South Korea's FSC asked major crypto exchanges to shift more assets offline after Binance lost about $6.3 billion from hot wallets.
- South Korean regulations currently require crypto exchanges to hold at least 80% of customer crypto value offline.
- Industry participants requested that the FSC ease restrictions on halting withdrawals when a different exchange is hacked.
Source excerpt · Unchained
The Financial Services Commission called Upbit, Bithumb and other exchanges to an emergency meeting and asked for more offline storage, extra reserves and round-the-clock withdrawal monitoring. The post Binance’s $6.3 Billion Hack Has South Korea Asking Exchanges to Hold More Crypto Offline appeared first on Unchained .