Quickly freezing withdrawals helps reduce losses, South Korea plans to allow exchanges to suspend deposits and withdrawals during suspected hacker attacks

Odaily reports: Bitcoin News posted on X platform that South Korea's Financial Services Commission stated that the Binance hack incident proves that quickly freezing withdrawals helps reduce losses. The commission will issue a no-action letter allowing exchanges to suspend deposits and withdrawals when a hack is suspected; current law only allows freezing related operations after a hack has been confirmed, and the specific applicable conditions have not yet been announced.

South Korea's Financial Services Commission also requires exchanges to implement 24/7 monitoring, store user cryptocurrencies in cold wallets as much as possible, and increase insurance and reserve funds. Exchanges unable to monitor around the clock may only be able to process withdrawals when staff are on duty.