South Korea's Financial Services Commission urgently convened cryptocurrency exchanges, demanding enhanced protection against hacking attacks and user assets.

BlockBeats News, November 2: According to South Korean media outlet 'Herald Business,' the Financial Services Commission of Korea convened an emergency meeting on the morning of November 2 with representatives from major exchanges such as Upbit, Bithumb, and Coinone. The focus was on reviewing each platform's preparedness for large-scale cyberattacks and their user asset protection systems. This meeting took place ahead of a broader industry-wide security inspection scheduled for November 5, aiming to assess Korea's cryptocurrency sector's response measures in light of the recent large-scale asset theft incident involving Binance. Discussions will also include proposals to increase the proportion of user assets stored in cold wallets. Under Korea's current Virtual Asset User Protection Act, exchanges are required to store at least 80% of users' virtual assets in offline cold wallets. Reports indicate that Upbit maintains a cold wallet storage ratio exceeding 99%, Bithumb around 94%, Coinone approximately 85%, while Digital X and Gopax are both slightly above 80%.