South Korea summons crypto exchanges after $6.4B Binance hack

South Korea’s Financial Services Commission summoned working-level staff from five won-based cryptocurrency exchanges, including Upbit, Bithumb, Coinone, DigitalX and Gopax, and from venues such as Foblgate on Monday to assess their defenses after about $6.4 billion was drained from Binance. The meeting preceded a planned security check across the financial sector on Wednesday. Under the Virtual Asset User Protection Act, domestic exchanges must hold at least 80% of customers’ deposited digital assets in cold wallets, and the FSC focused on cold-wallet readiness because the Binance funds were taken from hot wallets. The FBI has blamed North Korea for the Binance attack.