Hacking News
South Korea Considers 99% Cold Wallet Rule for Crypto Exchanges
South Korean regulators have proposed increasing the cold storage requirement for cryptocurrency exchanges from 80% to potentially 99% in response to the recent Binance security breach, which resulted in over $6.3 billion stolen. The proposed change could pose challenges for smaller exchanges, as higher cold storage levels may delay customer withdrawals during volatile market conditions. Security weaknesses at Binance, including inadequate isolation of development environments and insufficient two-factor authentication, have been highlighted as factors contributing to the breach.