South Korea’s FSC convenes crypto exchanges to inspect defenses after approximately $6.4B stolen from Binance

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South Korea’s FSC convened exchanges including Upbit and Bithumb to inspect their defensive preparedness after approximately $6.4B in crypto assets was transferred out of Binance’s hot wallets. South Korean law requires exchanges to store at least 80% of customers’ digital assets in cold wallets, and the FSC also plans to conduct a security inspection across the entire financial sector. The Digital Asset Basic Act, covering issuance, disclosure and user compensation, has yet to pass, and there is still no clear legal basis for rules governing exchanges’ liability in the event of hacker attacks or system failures.