After the Binance hack, the Financial Services Commission conducts an emergency inspection of domestic
Original headline바이낸스 해킹 뒤 금융위, 국내 사업자 지갑·준비금 긴급 점검
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Binance disclosed that roughly $6.3 billion (about 8 trillion won) in crypto was unauthorized withdrawn from a hot wallet on October 30 (Korea time), prompting South Korea's Financial Services Commission to hold an emergency review of domestic virtual asset operators' wallet and reserve practices. FSC digital financial policy chief Yoo Young-jun led the meeting with the Financial Supervisory Service, the Korea Internet & Security Agency (KISA), DAXA, and major local exchanges to assess market impact and operator response systems. Regulators checked access controls on computer systems, hot wallet withdrawal approval and signing procedures, and administrator privilege management. The FSC said Binance is tracking and freezing the stolen assets and covering user losses with company funds. The incident puts Korean exchanges' custody and reserve adequacy under scrutiny, with further regulatory guidance or disclosures on wallet controls and reserve levels expected as the review continues.
Muhabbit's AI wrote this summary in its own words from TokenPost's report and translated it from Korean. It can get details wrong, so check the source.
Named in this story
Binance, Financial Services Commission (FSC), DAXA