🚨 BREAKING: South Korea has just given crypto exchanges the green light to FREEZE your funds, even if they only SUSPECT a hack—no evidence required!
On 12/11, the Financial Services Commission (FSC) announced that exchanges can block deposits and withdrawals as soon as they detect suspicious transactions. Previously, the law only allowed freezes when a hack had been clearly confirmed.
The reason: the $6.3 billion Binance hack in late October showed that a one-minute delay in blocking transactions can cost billions. GOPAX exchange acted ahead of the curve, freezing all transactions starting on 6/11 over an unverified threat email.
Alongside this, exchanges must monitor activity 24/7 and keep at least 80% of assets in cold wallets. In practice, the industry already holds more than 95% this way.
Does this make things safer, or are your rights being eroded? Meanwhile, BTC is still languishing around $71,400 after yesterday’s drop.
Save this—this law could absolutely spread to other countries!
Follow me—I post about it here first.
$BTC $BNB
#Korea #Binance #Crypto
On 12/11, the Financial Services Commission (FSC) announced that exchanges can block deposits and withdrawals as soon as they detect suspicious transactions. Previously, the law only allowed freezes when a hack had been clearly confirmed.
The reason: the $6.3 billion Binance hack in late October showed that a one-minute delay in blocking transactions can cost billions. GOPAX exchange acted ahead of the curve, freezing all transactions starting on 6/11 over an unverified threat email.
Alongside this, exchanges must monitor activity 24/7 and keep at least 80% of assets in cold wallets. In practice, the industry already holds more than 95% this way.
Does this make things safer, or are your rights being eroded? Meanwhile, BTC is still languishing around $71,400 after yesterday’s drop.
Save this—this law could absolutely spread to other countries!
Follow me—I post about it here first.
$BTC $BNB
#Korea #Binance #Crypto
