South Korea Plans to Fine Hacked Crypto Exchanges Up to 10% of Stolen Amount

Odaily News The Financial Services Commission (FSC) of South Korea has drafted a new bill proposing fines for hacked cryptocurrency exchanges of up to 10% of the stolen assets. The draft was prompted by the $36 million attack on Upbit in November 2025. If the new rules had been in effect at that time, the fine could have reached $3.6 million, far exceeding the current cap of $456,000.

The FSC emphasized that exchanges must meet IT security standards equivalent to those of traditional financial institutions. Another proposal suggests fines of 3% of annual revenue, potentially reaching up to $36 million. The direction of regulatory legislation is still under discussion. (Seoul Kyungjae)