South Korea Calls Emergency Crypto Meeting After Record Binance Hack

TLDR South Korea’s Financial Services Commission (FSC) urged exchanges to hold more crypto in cold wallets. The request follows a $6.3 billion attack on Binance’s hot wallets last week. South Korean law already requires exchanges to keep at least 80% of customer crypto offline. Upbit leads with a 99.17% cold wallet ratio, while GOPAX sits at 80.54%. The Bank of Korea is separately surveying 31 financial firms on crypto-related risks. South Korea’s Financial Services Commission (FSC) has urged local crypto exchanges to keep more customer assets in cold wallets. The request follows a $6.3 billion attack on Binance last week.