South Korea's Financial Commission Calls for Security Checks on Trading Platforms Against Hacking and Asset Protection

On the morning of November 2, the Financial Services Commission of South Korea urgently convened representatives from trading platforms such as Upbit, Bithumb, and Coinone for a security inspection meeting. The focus was on examining each platform's preparedness for large-scale hacking attacks and their user asset protection systems. This meeting is scheduled ahead of a broader security inspection meeting for the entire financial industry on November 5, aiming to understand the responses of South Korea's cryptocurrency sector, especially in light of the recent large-scale asset theft incident involving Binance. The meeting will also discuss proposals to increase the proportion of user assets stored in cold wallets. According to South Korea's current "Virtual Asset User Protection Act," trading platforms must store at least 80% of users' virtual assets in cold wallets that are isolated from the internet. Upbit's cold wallet storage ratio exceeds 99%, Bithumb is around 94%, Coinone is about 85%, while Digital X and Gopax are just above 80%.

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