South Korea urges crypto exchanges to increase cold wallet holdings after Binance hack
Briefing by News4U · First published
Cointelegraph reported that South Korea’s Financial Services Commission held an emergency meeting with the Financial Supervisory Service, the Financial Security Institute, the Digital Asset eXchange Alliance and major crypto service providers after attackers stole about $6.3 billion from Binance’s hot wallets last week. The FSC reviewed exchanges’ IT access controls, wallet withdrawal approval and signing procedures, and administrator privileges, and urged providers to increase the proportion of assets held in offline cold wallets beyond the 80% minimum already required by law. The regulator also asked operators to continuously monitor deposits and withdrawals, secure additional incident response personnel, promptly report unusual access attempts, and set aside additional reserves. [1]
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- South Korea urges exchanges to boost cold storage after Binance hack
Cointelegraph · · Full text