South Korea convenes exchanges to inspect security defenses
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AI-assisted source synthesis · not an independent investigation.
On November 2, 2026, reports indicated that approximately $6.4 billion in crypto assets had been transferred from Binance’s hot wallet. Following this, South Korea’s Financial Services Commission (FSC) convened crypto exchanges including Upbit and Bithumb to inspect their security-defense preparedness. South Korean law requires exchanges to store at least 80% of customers’ digital assets in cold wallets. The FSC also plans to conduct security inspections covering the entire financial industry. The reports also pointed out that the Digital Asset Basic Act, covering issuance, disclosure, and user compensation, has not yet been passed; when exchanges suffer hacking attacks or system failures, the liability rules still lack a clear legal basis.
AI-written from reports · updated 12 hours ago
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- CryptopolitanSouth Korea’s FSC convenes crypto exchanges to inspect defenses after approximately $6.4B stolen from Binance
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.
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