▲ Financial Services Commission
In the wake of the hacking incident at Binance, the Financial Services Commission (FSC) has called an emergency meeting with domestic cryptocurrency exchanges to request additional reserve accumulations and other safety measures.
The FSC held an emergency meeting today (the 2nd) with the Financial Supervisory Service (FSS) and major virtual asset service providers to inspect the impact on the domestic crypto market and evaluate the response systems of the operators.
Binance, the world's largest cryptocurrency exchange, suffered a hack on October 29 resulting in the theft of approximately 8 trillion won in digital assets.
This marks the largest single hacking loss in the history of the cryptocurrency industry.
The stolen assets were reportedly drained from "hot wallets," which store digital assets while connected to the internet. Internal system access via employees' work laptops has been cited as a potential intrusion path.
In response, the FSC intensively inspected the access controls on the computing systems of domestic virtual asset operators, as well as the approval and signature systems for withdrawals from hot wallets and other storage mechanisms.
Notably, to prevent similar security breaches, the authorities ordered an increase in the proportion of assets stored in "cold wallets," which are disconnected from the internet.
Under the current Virtual Asset User Protection Act, crypto operators are required to store at least 80% of customer-deposited assets in cold wallets, though the exact ratios vary by company.
(File Photo: Yonhap News)
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