South Korea may make exchanges keep 99% of customer crypto in cold storage.
Per Wu Blockchain, citing News1, the Financial Services Commission is weighing a jump from the current 80% minimum to around 99%, as a direct response to the $6.3B Binance hack.
My take: it makes sense. Hot wallets are where most exchange hacks happen, and this week's Mercado Bitcoin loss was hot wallets too. The trade-off is slower withdrawals on busy days, because more coins need manual signing before they can move.
For us as users the lesson doesn't change: an exchange is for trading, not for parking everything long term. Keep what you hold for years in a wallet you control.
$BTC $BNB
#CryptoNews #SouthKorea #CryptoSecurity #Binance
Not financial advice.
Per Wu Blockchain, citing News1, the Financial Services Commission is weighing a jump from the current 80% minimum to around 99%, as a direct response to the $6.3B Binance hack.
My take: it makes sense. Hot wallets are where most exchange hacks happen, and this week's Mercado Bitcoin loss was hot wallets too. The trade-off is slower withdrawals on busy days, because more coins need manual signing before they can move.
For us as users the lesson doesn't change: an exchange is for trading, not for parking everything long term. Keep what you hold for years in a wallet you control.
$BTC $BNB
#CryptoNews #SouthKorea #CryptoSecurity #Binance
Not financial advice.
