【South Korean regulators hold emergency meeting: Exchanges must keep at least 80% of customer assets in cold wallets】
On November 2, South Korea’s Financial Services Commission (FSC) urgently convened exchanges including Upbit, Bithumb, and Coinone following the Binance hack to discuss security systems and user asset protection, with a focus on increasing the proportion held in cold wallets. Reports say South Korean exchanges are currently required to keep at least 80% of customers’ virtual assets in cold wallets.
On the same day, Tether said it froze more than $1.5 billion in USDT within 30 minutes of the Binance incident on October 29. On November 3, North Korea denied the FBI’s accusations via KCNA, calling them “absurd remarks.” As for the markets, BTC is around $76,700, down about 1% over 24 hours, while BNB is around $698.
An engineer’s perspective on avoiding pitfalls:
1. The cold-wallet ratio is only a baseline. The real risks lie in hot-wallet signing procedures and access control, so don’t focus on the number alone.
2. Stablecoins can be frozen by their issuers. If you hold a large amount of USDT, understand the compliance and address-related risks.
3. When exchanges publish proof of reserves, pay attention to the snapshot time and how assets are defined, and verify your own balance.
What do you think the cold-wallet ratio should be raised to? Share your thoughts in the comments.
$BTC $BNB $USDT
#币安 #交易所安全 #ColdWallet
DYOR, not investment advice
On November 2, South Korea’s Financial Services Commission (FSC) urgently convened exchanges including Upbit, Bithumb, and Coinone following the Binance hack to discuss security systems and user asset protection, with a focus on increasing the proportion held in cold wallets. Reports say South Korean exchanges are currently required to keep at least 80% of customers’ virtual assets in cold wallets.
On the same day, Tether said it froze more than $1.5 billion in USDT within 30 minutes of the Binance incident on October 29. On November 3, North Korea denied the FBI’s accusations via KCNA, calling them “absurd remarks.” As for the markets, BTC is around $76,700, down about 1% over 24 hours, while BNB is around $698.
An engineer’s perspective on avoiding pitfalls:
1. The cold-wallet ratio is only a baseline. The real risks lie in hot-wallet signing procedures and access control, so don’t focus on the number alone.
2. Stablecoins can be frozen by their issuers. If you hold a large amount of USDT, understand the compliance and address-related risks.
3. When exchanges publish proof of reserves, pay attention to the snapshot time and how assets are defined, and verify your own balance.
What do you think the cold-wallet ratio should be raised to? Share your thoughts in the comments.
$BTC $BNB $USDT
#币安 #交易所安全 #ColdWallet
DYOR, not investment advice