Binance’s $6.3 Billion Hack Has South Korea Asking Exchanges to Hold More Crypto Offline

At an emergency meeting on Nov. 2, South Korea’s Financial Services Commission asked major crypto exchanges to move more customer assets into cold wallets , the regulator said , after Binance lost roughly $6.3 billion from its hot wallets. Alongside more offline storage, the FSC asked operators to keep constant watch on deposits and withdrawals, add incident-response staff, move quickly to report and pass along abnormal access attempts, and build up extra reserves. The release named no Korean exchange and set no new ratio. According to the FSC’s Korean-language statement, Yoo Young-jun , its director general for digital financial policy, led the session, which brought in major crypto operators, the exchange group DAXA, the Financial Security Institute and the Financial Supervisory Service.

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