SOUTH KOREA TIGHTENS EXCHANGE SECURITY 🔒
I just found out that South Korea will allow exchanges to freeze deposits and withdrawals as soon as they suspect a hack, without waiting to confirm the theft.
Until now, they could only halt withdrawals once the attack had been confirmed. The measure comes after several scares: GOPAX suspended everything over a hacking threat, and Prabang lost around $70,000 from its hot wallet, the one connected to the internet.
I think this is a good change: in crypto, waiting to confirm a theft usually means acting too late.
Do you think it’s okay for an exchange to freeze your funds based only on suspicion, or are you worried they’ll use it as an excuse?
#Crypto
I just found out that South Korea will allow exchanges to freeze deposits and withdrawals as soon as they suspect a hack, without waiting to confirm the theft.
Until now, they could only halt withdrawals once the attack had been confirmed. The measure comes after several scares: GOPAX suspended everything over a hacking threat, and Prabang lost around $70,000 from its hot wallet, the one connected to the internet.
I think this is a good change: in crypto, waiting to confirm a theft usually means acting too late.
Do you think it’s okay for an exchange to freeze your funds based only on suspicion, or are you worried they’ll use it as an excuse?
#Crypto
