Rapid freezing of withdrawals helps reduce losses; South Korea plans to allow exchanges to suspend deposits and withdrawals in case of suspected hacking attacks

Odaily Planet Daily News: Bitcoin News posted on X platform stating that the Korean Financial Services Commission said the Binance hack incident proves that quick freezing of withdrawals helps reduce losses. The commission will issue a 'non-action letter' allowing exchanges to suspend deposits and withdrawals when suspected of a hacking attack; current laws only permit freezing operations after a hack is confirmed, with specific conditions yet to be announced. The Korean Financial Services Commission also requires exchanges to implement round-the-clock monitoring, store users' cryptocurrencies in cold wallets as much as possible, and increase insurance and reserve funds. Exchanges unable to provide round-the-clock monitoring may only process withdrawals when staff are present.