South Korea’s financial regulator met with cryptocurrency exchange representatives Nov. 1 to assess defenses against large hacks, as customer assets held offline vary across the country’s major platforms.
The Financial Services Commission (FSC) held the session Sunday evening ET, Nov. 1, corresponding to Monday, Nov. 2, in South Korea. Representatives of Upbit, Bithumb and Coinone attended. The review followed a large-scale asset theft at Binance and covered options for increasing the proportion of customer holdings kept offline.
South Korea’s Virtual Asset User Protection Act sets an 80% minimum for users’ virtual assets kept in cold wallets. The meeting considered ways to increase offline storage above that floor.
Upbit’s cold-wallet share exceeded 99%, compared with about 94% at Bithumb and about 85% at Coinone. Digital X and Gopax were slightly above 80%, near the legal minimum.
A security review spanning the financial sector is scheduled for Nov. 4 ET, which is Nov. 5 in South Korea.
