Cold Wallet Storage Ratio Must Reach 80%: South Korea's Financial Services Commission Urgently Summons Crypto Trading Platforms for Security Inspection

Odaily reports: On the morning of November 2, South Korea's Financial Services Commission urgently summoned representatives from trading platforms including Upbit, Bithumb, and Coinone to convene a security inspection meeting, focusing on examining the platforms' preparedness for large-scale hacking attacks and their user asset protection systems. The meeting was held ahead of a security inspection meeting for the entire financial industry scheduled for November 5. It aimed to understand the South Korean crypto industry's response measures in light of the recent large-scale asset theft incident at Binance, and to discuss plans such as increasing the proportion of user assets stored in cold wallets. Under South Korea's current Virtual Asset User Protection Act, trading platforms must store at least 80% of users' virtual assets in cold wallets isolated from the internet. Upbit's cold wallet storage ratio exceeds 99%, Bithumb's is approximately 94%, Coinone's is approximately 85%, while Digital X and Gopax are in the low 80s.