South Korea
Block Media
Attack Targeted Binance's Approval System, Not Wallets — Korean Exchanges' Security Put to the Test
- Binance suffered a hack worth roughly 8 trillion won ($8 billion+), with attackers exploiting the transaction approval system rather than directly compromising private keys.
- The incident has raised concerns about whether Korean exchanges' security and incident-response frameworks are adequate to prevent similar attacks.
- On November 2, the FSC held an emergency meeting with won-denominated exchanges (Upbit, Bithumb, Coinone) and coin-market exchanges to discuss strengthening oversight beyond existing cold-wallet storage ratio rules.