The South Korean Financial Services Commission urgently convened trading platforms to inspect hacker prevention and user asset protection

According to South Korean media "The Pioneer Economy," the Financial Services Commission of South Korea urgently convened representatives from trading platforms such as Upbit, Bithumb, and Coinone on the morning of November 2 to hold a security inspection meeting. The focus was on checking each platform's preparedness for large-scale hacker attacks and the user asset protection systems.

This meeting was scheduled ahead of a security inspection meeting for the entire financial industry on November 5, aimed at understanding the response measures of the South Korean cryptocurrency industry in light of the recent large-scale asset theft incident involving Binance. The meeting will also discuss proposals to increase the proportion of user assets stored in cold wallets.

According to South Korea's current "Virtual Asset User Protection Act," trading platforms must store at least 80% of users' virtual assets in cold wallets that are isolated from the internet. Reports indicate that Upbit's cold wallet storage ratio exceeds 99%, Bithumb is around 94%, Coinone is about 85%, while Digital X and Gopax are just above 80%.