South Korea is about to tighten its financial cybersecurity regulations after 16 financial institutions had incidents in a single month, including two crypto firms.
You don’t need to dig into the new rules themselves. Things like checking for vulnerabilities twice a year and assigning accountability to specific people have nothing to do with retail investors. What really matters is what happened a couple of days ago: South Korea blocked the websites of 27 unregistered offshore exchanges, including several that a lot of people use regularly. They used to block apps; now they’re blocking the websites too. And they don’t have to wait for a court ruling—if they find one, they can block it.
That’s the part that matters to us. If you keep your money on a small platform, regulators could shut the door one day and you might not be able to withdraw anything. It has nothing to do with whether the platform has run off with your money—you simply can’t get in.
There’s another pretty nasty detail: this time, 100,000 customer records were leaked, including names, phone numbers, email addresses, and national ID numbers. They inspected more than 500 institutions, and over 100 had vulnerabilities. That’s an outrageous proportion. The real-name information we leave on all these platforms can be used for phishing for a long time if it leaks even once.
There’s no market impact. Bitcoin’s drop today is about CPI and US Treasuries, not this South Korea story. Don’t make random connections.
Don’t pile all your assets onto one small platform. Spread them out—that’s the only thing worth doing today.
#韩国拟收紧金融网络安全规定
You don’t need to dig into the new rules themselves. Things like checking for vulnerabilities twice a year and assigning accountability to specific people have nothing to do with retail investors. What really matters is what happened a couple of days ago: South Korea blocked the websites of 27 unregistered offshore exchanges, including several that a lot of people use regularly. They used to block apps; now they’re blocking the websites too. And they don’t have to wait for a court ruling—if they find one, they can block it.
That’s the part that matters to us. If you keep your money on a small platform, regulators could shut the door one day and you might not be able to withdraw anything. It has nothing to do with whether the platform has run off with your money—you simply can’t get in.
There’s another pretty nasty detail: this time, 100,000 customer records were leaked, including names, phone numbers, email addresses, and national ID numbers. They inspected more than 500 institutions, and over 100 had vulnerabilities. That’s an outrageous proportion. The real-name information we leave on all these platforms can be used for phishing for a long time if it leaks even once.
There’s no market impact. Bitcoin’s drop today is about CPI and US Treasuries, not this South Korea story. Don’t make random connections.
Don’t pile all your assets onto one small platform. Spread them out—that’s the only thing worth doing today.
#韩国拟收紧金融网络安全规定