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South Korea's FSC says exchanges may suspend deposits and withdrawals on suspected hacks

NewsFeeds update

South Korea's Financial Services Commission plans a no-action letter letting crypto exchanges suspend deposits and withdrawals when a hack is suspected, before confirmation. It also requires round-the-clock monitoring, larger cold wallet holdings and stronger insurance and reserves.

RegulationOdailyAIBearish

Read the original on Odaily

The story so far: South Korea FSC response to Binance hack

After the $6.3bn Binance hack, South Korea's FSC met crypto exchanges and weighed higher cold-wallet holdings. The FSC now plans a no-action letter letting exchanges suspend deposits and withdrawals on suspected hacks, plus round-the-clock monitoring and stronger insurance and reserves. Binance says it has reopened…

Headlines only, oldest first. Open a headline for the full update and the outlet it came from.

  1. Binance October proof of reserves shows BTC holdings up $537m, ETH down $498m

  2. Binance user Bitcoin holdings rose $537m in September, ether fell $499m

  3. Tree News says signs emerge of possible theft from Binance hot wallet

  4. Binance hot wallet suspected of losing more than $2.5bn in assets

  5. Binance ethereum hot wallet suspected of large abnormal outflow of about $2.53bn

  6. Tether freezes $971m in USDT in suspected Binance hack

  7. Circle freezes $823m in USDC amid suspected Binance hack

  8. He Yi says Binance investigating reports of potential security issue

  9. CZ says Binance user funds are safe as about $1.79bn in stablecoins is frozen

  10. Tether has frozen more than 1.567bn USDT

  11. Arkham links suspected Binance hacker to 50 wallets holding $5.61bn

  12. Binance says technical error is blocking some withdrawals

  13. Aave freezes lending market linked to stolen crypto tied to Binance

  14. Binance co-CEO He Yi says Ripple froze $200m tied to hack

  15. Address linked to suspected Binance hack borrows 19,762 ETH from Aave

  16. Attackers allegedly used EIP-7702 delegation to redirect Binance wallet to malicious code

  17. Yi He says Ripple and WLFI helped freeze assets as Binance halts withdrawals

  18. Binance said to still sweep new user deposits into compromised hot wallet

  19. Cointelegraph says Binance and Polymarket hacked on same day

  20. Address linked to suspected Binance breach sells about 4.7m UNI for ETH

  21. Elon Musk says 'Everyday is Zeroday' on Binance hack

  22. Binance hack of about $5.7bn may be largest crypto theft on record

  23. Aave freezes DAO-run V3 and V4 markets after Binance wallet reports

  24. Lookonchain says Binance hacker is selling PEPE, UNI and LINK for ETH

  25. Aave says it will keep monitoring and unfreeze DAO markets soon

  26. Binance reportedly recovers $823m in USDC after wallet exploit

  27. Zhao Changpeng says Binance loss may be slightly above $1bn and it will cover it

  28. Upbit warns users over Binance withdrawals and may restrict them

  29. Paxos freezes $7.66m in PAXG linked to suspected Binance hack

  30. Binance hot wallets keep sending funds, with over $6.26bn moved

  31. Bybit CEO Ben Zhou says platform unaffected and offers support to Binance

  32. Navi Protocol says user funds are safe after Binance incident

  33. Wintermute's Evgeny Gaevoy says under 20% of net assets exposed to Binance

  34. Binance hack puts DeFi on alert as $5.5bn in stolen assets raises contagion risk

  35. Binance moves funds from at-risk wallets to cold storage after major hack

  36. OKX founder Star calls for industry-wide real-time security and freezing system

  37. Crypto.com CEO says platform unaffected by Binance attack

  38. Ethena says collateral held off-exchange amid Binance security reports

  39. Developer 0xjustadev warned of EIP-7702 theft risk two years ago, X user says

  40. Developer Justin Kalland says Binance hacker may have slipped up over MetaMask gas use

  41. Binance says it is working to trace and freeze more stolen assets

  42. Ripple says it is freezing RLUSD tied to suspected Binance attack

  43. Arbitrum Security Council freezes about $30.5m linked to Binance exploit

  44. Drained Binance wallet was a proof-of-reserves wallet, ETH ratio may fall to 94%

  45. Hacker sells 7.77tn PEPE from Binance hot wallet for ETH, Ai Yi says

  46. Blockaid CEO Ido Ben-Natan says Binance hack may have abused signing system

  47. Shenyu says Binance attackers moved about $5.8bn in three minutes

  48. Specter says Arbitrum froze $30.5m in ARB and Paxos $215,700 in USDP

  49. Bonk Guy says Binance hack unlikely to trigger systemic risk

  50. SlowMist's Cos says Binance hacker used EIP-7702 to sweep hot-wallet tokens

  51. Binance 14 hot wallet revokes EIP-7702 authorisation after alleged hack

  52. Ai Yi links Binance hot wallet hacker to Kelp DAO attacker

  53. Arkham says it has verified 70 addresses linked to Binance hacker

  54. Arkham says address tagged as Kelp DAO hacker is Arbitrum council custody address

  55. Arbitrageur made about $3.47m in two hours during Binance attack, user says

  56. Benson Sun says stolen Binance Bitcoin faces limited near-term selling pressure

  57. Binance attacker sells UNI, ENA and five other tokens for 70,480 ETH

  58. Aave freezes most markets after Binance hot wallet attack, plans phased unfreeze

  59. ZachXBT says Binance hack believed to be work of North Korea's Lazarus Group

  60. Chainalysis puts Binance hack loss at about $5.91bn

  61. Derek Chiang says EIP-7702 has no flaw but aided Binance attacker

  62. Coinbase's Brian Armstrong says he has offered Binance help after hack

  63. Yi He says Binance is running security scans to protect user funds

  64. Binance says it will cover all losses from the incident and pauses deposits and withdrawals

  65. SlowMist CISO says Binance theft probe should focus on private-key leak and custom withdrawal tools

  66. Hackers linked to Binance attack move over $1bn in ETH to new wallets

  67. OKX CEO Star urges exchanges to cooperate on security

  68. Binance hacker starts selling STRK, Onchain Lens says

  69. Seven research says Binance hack may hit market makers and quant firms, rattling SOL and altcoins

  70. Binance.US CEO Steve Gregory says user funds are fully independent of Binance hack

  71. Bitwise CEO says client assets are safe amid Binance situation

  72. Binance says incident may involve compromised engineer laptop, losses about $6.3bn

  73. Bonk Guy says Binance hack echoes 10.11 and warns of a second leg down

  74. USDT0 restores USDT transfers between Ethereum and Tron

  75. CZ says Binance user funds are safe after security incident

  76. The Sandbox says SAND in users' own wallets unaffected by Binance incident

  77. Binance says SAFU fund and company money will cover all losses

  78. First Digital's Vincent Chok says FDUSD stolen in Binance attack is frozen

  79. Altcoins fall harder than BNB after Binance security incident

  80. Lagrange Foundation freezes LA tokens tied to Binance security incident

  81. He Yi says Binance deposits running normally and withdrawals due back within 48 hours

  82. SlowMist's Yu Xian links Binance hacker funds to Phemex breach wallets

  83. Ethena says USDe remains overcollateralised by more than $60m

  84. 1inch says Binance exploit addresses blocked, some stolen 1INCH cannot be frozen

  85. Binance hacker moves $38.8m in ETH to new wallet, still holds $1.12bn

  86. Binance hacker moves 18,270 BTC into 19 wallets

  87. Binance says no private key leak found yet after attack

  88. Binance says hacked staff computer was the starting point of attack

  89. Bobby Lee says stolen Binance Bitcoin is all but unrecoverable

  90. Musk replies with grimace emoji to post questioning Binance's loss-coverage pledge

  91. Geoffrey Kendrick says Binance hack may speed DEX adoption and favour UNI

  92. Zest Protocol pauses new borrowing after Binance incident

  93. Trader dimethyltryptamine.eth buys 45.08bn PEPE after Binance hacker sell-off

  94. Circle shares fall 5.1% premarket after freezing over $800m tied to Binance theft

  95. Pundi X Labs says 3.75m PUNDIX frozen in Binance hacker wallets

  96. Binance says about $3bn in affected assets frozen, withdrawals seen back within 45 hours

  97. Changpeng Zhao tells Musk Binance hack is no joke and asks for support

  98. Changpeng Zhao says Binance's SPCX shares are now worth over $1bn

  99. LlamaRisk proposes cutting Aave borrow caps after Binance hot wallet incident

  100. He Yi says $60m USDT Aave collateral not fully frozen as hacker took about $46m in ETH

  101. LlamaRisk proposes cutting Aave V3 and V4 caps, removing about $3.8bn of unused credit

  102. Binance earmarks $6.34bn to cover tokens after hot wallet breach

  103. Chainalysis says Binance theft funds show automated laundering pattern

  104. Synthetix says 8.4m SNX recovered from Binance hack

  105. Binance's He Yi says exchange is buying altcoins matching stolen assets for proof of reserves

  106. Bitcoin and ether options turn more bearish after alleged $6.3bn Binance hack

  107. CZ says Bitcoin showed surprising resilience as traditional markets fell further

  108. Nicolas Quatravaux says institutions bought $74,000-$78,000 Bitcoin puts after Binance hack

  109. Changpeng Zhao says token recovery appears to have begun

  110. Haseeb Qureshi says Binance hack response shows crypto has matured

  111. BNB Chain says its networks and bridge were unaffected by Binance security incident

  112. Newton Foundation says $3.5m in tokens locked in NEWT contract after suspected error

  113. Binance attacker's Bitcoin holdings of about $1.4bn exceed Coinbase's own treasury

  114. PancakeSwap says it was unaffected by Binance security incident

  115. Aave unfreezes V3 and V4 markets after Binance incident

  116. Aave lifts precautionary market freezes after Binance security incident

  117. FBI says it is assessing scope of Binance hack with partners

  118. Binance says stolen funds came from its own hot wallet as client money stayed in cold storage

  119. Binance's Richard Teng says withdrawals targeted to resume by 1 November

  120. Binance CEO says full proof-of-reserves report due 2 Nov and pledges hack compensation

  121. Bonk Guy says altcoins are holding up better than Bitcoin as selling pressure eases

  122. US Secret Service says it is working with Circle and others to trace Binance stolen funds

  123. Allora freezes ALLO stolen in Binance incident and returns it in full

  124. Gate CEO Lin Han calls for crypto security alliance and 48-hour withdrawal delay

  125. Trump says US investigating Binance hack, unsure on North Korea link

  126. Binance says it aims to resume withdrawals in stages within about 34 hours

  127. Caixin says Binance hack may open opportunity for DEXs

  128. Binance says investigation found further intrusion points in systems and hacked laptop

  129. Yi He says Binance publishes trading, fee and BNB burn data

  130. Axel Adler Jr. says Bitcoin is testing short-term holders' cost basis

  131. Address tagged as Binance hacker moves 120m TRX worth over $38m

  132. Coinbase and peers tighten security after Binance theft, Coinbase's Lunglhofer says

  133. Bitwise's Matt Hougan says Binance hack will not affect Bitcoin's price

  134. Researchers say AI agents are speeding up cyberattacks as Binance puts incident impact at $6.3bn

  135. SlowMist's Yu Xian says Lido seven-day APR rose to 4.2% after Binance hack

  136. Binance says it has restored 90% of assets lost in $6.34bn hack

  137. Yi He says Binance has allocated $6.34bn of company funds to user pool

  138. Yi He says Binance will issue further proof of reserves after topping up altcoins

  139. Binance SAFU fund address moves 7,500 BTC

  140. Hacker pays about $119m 'panic tax' swapping stolen funds

  141. Chainalysis says Ethereum reorg caused THORChain pause that slowed Binance fund laundering

  142. He Yi says Binance will use 50% of SAFU fund to cover losses

  143. FBI says North Korea behind theft of over $6bn in Binance crypto assets

  144. Trump says US would talk to North Korea if it is behind Binance hack

  145. THORChain co-founder Chad Barraford says THORNode data is publicly available after FBI request

  146. Binance says it has covered $6bn of hack losses

  147. Yi He says Binance's emergency team works round the clock after hack reports

  148. Binance plans to restore first-phase withdrawals from 14:00 to 09:00 UTC on 1 Nov

  149. Binance hacker sells $5m of PROM for $71, Lookonchain says

  150. Binance to resume withdrawals in phases after security issue

  151. Binance to resume first-phase withdrawals between 14:00 and 17:00 on 1 November

  152. Zhao Changpeng says US agencies helped track and freeze stolen Binance funds

  153. Binance says Bitcoin network is first restored for withdrawals after security incident

  154. Binance says withdrawals on 15 networks will resume in phases, starting with Bitcoin

  155. Binance updates proof-of-reserves address list, moves withdrawals to new wallets

  156. Binance attacker sells over 130 altcoins on EVM chains, Lookonchain says

  157. He Yi says Binance withdrawals are running smoothly for now

  158. Binance restores some withdrawals on Ethereum and BNB Smart Chain

  159. Binance says it has recovered 95% of assets stolen in hack

  160. Yi He says Binance is working with US firms and law enforcement to recover stolen assets

  161. Address tagged as Binance hacker moves 485,270 SOL worth about $46.2m

  162. Binance restores withdrawals on DOGE and Optimism networks

  163. Symbiosis says it spotted attempt to move Binance hack funds through its protocol

  164. Binance restores POL, USDT and USDC withdrawals on Polygon

  165. Binance says withdrawal levels stabilising at normal, expected on-chain activity

  166. SomaXBT says Binance attacker laundered about $242m via Tron in two days

  167. Binance processes $4.65bn of withdrawals after resuming service following $6.3bn hack

  168. South Korea's FSC calls emergency meeting with crypto exchanges after Binance hack

  169. Fu Sheng says Binance hack shows AI-era security weakness

  170. Suspected Binance hacker deposits $250,000 to Gate over 12 hours

  171. Gate says it has identified and frozen two accounts tied to Binance hacker

  172. Yi Lihua says Binance profit can cover hack losses

  173. Address linked to Binance attacker moves 40m XRP

  174. RUNE falls 20% as hackers are said to have routed Binance hack funds through Thorchain

  175. China's Mao Ning says she has no information on Binance attack or Trump's North Korea remarks

  176. Binance Bitcoin wallet balance falls for fourth day, down over 23,000 BTC since hack

  177. Yi He says Binance reserve fall reflects price swings

  178. Arkham says Binance hacker moved $4m to three Binance deposit addresses

  179. Elliptic says Binance hacker laundered first funds, $2.2m in BTC, via CoinJoin

  180. Elliptic says about $3.24bn of stolen Binance assets remains in linked addresses

  181. Elliptic says no evidence North Korean hackers used AI in Binance theft

  182. Axel Adler Jr says Bitcoin fell again in October but market reaction stayed restrained

  183. Binance generates ZK proof for 31 Oct reserve snapshot as replenishment reaches 95%

  184. Suspected North Korean hackers make errors moving Binance stolen funds

  185. Darkfost says Lazarus crypto thefts total $11.9bn, 45% of North Korea's GDP

  186. SomaXBT says Arkham mislabelled Thorchain vault as Binance hacker

  187. Binance warns of scammers as withdrawals resume in stages

  188. Binance raises rebates for tier-2 and tier-3 market makers for a week

  189. CZ says Binance absorbed over $6bn hack loss from its own balance sheet

  190. Tether freezes over $1.5bn in USDT linked to Binance hack

  191. Santiment says crypto sentiment has weakened as fear rises

  192. Dolomite keeps new Ethereum borrowing paused after Binance hack

  193. Binance sees $14.1bn weekly net outflows after hack as OKX gains $499m

  194. Binance sees $15.4bn net outflows over seven days, still holds $124bn

  195. Kim Yo Jong calls Binance incident a US political provocation, says Pyongyang is watching

  196. Wintermute says Bitcoin's next key support is $76,800

  197. Onchain Lens says Binance saw over $7bn of net outflows in 48 hours

  198. Star Xu says OKX tightened security after Binance hack

  199. OKX's Star says security is the exchange's first lifeline

  200. Murphy says Binance BTC balance fell 21,064 since withdrawals resumed

  201. South Korea's FSC reviews crypto exchange security after Binance hack

  202. Binance says more asset withdrawals resume from 04:00 UTC

  203. Binance says it will resume withdrawals in phases across several networks

  204. CFTC chair Michael Selig says Binance hack shows need for offshore exchange rules

  205. Binance uses about half of SAFU Bitcoin reserves with no refill timeline

  206. Lee Jae Myung calls for cross-government cybersecurity body after crypto thefts

  207. Bitcoin slides toward $76,000 after alleged $6.3bn Binance hack

  208. Binance sees about $1.6bn net inflows over 24 hours, DefiLlama data show

  209. Hyperliquid community account says DEXs may gain after Binance theft

  210. Binance lacks cyber insurance for $6.3bn theft, Bloomberg Law says

  211. Zhao Changpeng says crypto security incidents may keep recurring and seeks US government help

  212. CZ says Binance's swift response to attack kept user trust firm

  213. CZ says withdrawals may persist after Binance attack but some funds are returning

  214. CZ says crypto industry discussing security alliance and wants US government help on hacks

  215. Zhao Changpeng says Binance and crypto industry underinvest in security

  216. South Korea's FSC weighs raising exchange cold wallet custody to about 99%

  217. Binance says hackers used fake job interviews to breach staff and steal crypto

  218. Binance to boost AI security detection after wallet hijacking

  219. Binance hacker begins mixing stolen funds, about $800,000 mixed so far

  220. Yang Haipo says Binance breach exposed three avoidable failures

  221. Kim Yo Jong says Binance hack is extension of US hostile policy

  222. SlowMist's Cos says Binance theft was an APT attack, not just an engineer's error

  223. Binance hacker continues converting SOL to Bitcoin, Lookonchain says

  224. CZ says large-scale hack points to serious security flaw and urges transparency

  225. Zhao Changpeng says hostile posts during Binance incident were 'another attack on Binance'

  226. He Yi says stoking hostility after Binance breach erodes industry confidence

  227. Binance SAFU's 7,500 Bitcoin, worth about $572m, moved to unmarked wallet

  228. Yi He says Binance accepts all criticism and has rebuilt security permissions

  229. TraderTraitor hackers resume laundering Binance funds via THORChain, lifting RUNE

  230. Coinbase says over 99% of customer assets held in cold wallets

  231. Binance says 98% of stolen assets backfilled as reserves snapshot covers 44 tokens

  232. Changpeng Zhao says AI will make systems safer by exposing flaws

  233. Binance says more asset withdrawals to open in stages from 5 November

  234. Binance says withdrawals to resume on ETH, BSC, Base, TRX and other networks

  235. CZ says AI speeds up cyberattacks faster than banks can strengthen defences

  236. South Korea says no sanctions talks yet over North Korea's alleged Binance theft

  237. Binance hack prompts crypto industry to weigh Wall Street-style controls

  238. Fed and OCC ask US banks about cyber risks after Binance hack

  239. Binance asks Arbitrum governance to return frozen ETH and ARB

  240. Fed and OCC ask banks about impact of Binance attack affecting $6.34bn in assets

  241. Singapore's MAS says public should not deal with unregulated firms after Binance incident

  242. Binance says it will reopen withdrawals for more assets from 04:00 UTC on 6 November

  243. Binance says more asset withdrawals will resume in batches from 6 Nov

  244. Binance hacker reportedly stole $2.5bn in one transaction for about $15 in fees

  245. Binance says latest proof of reserves shows user assets backed 1:1

  246. Binance plans to restore withdrawals for HYPE and five other assets by next weekend

  247. Elliptic says address linked to Binance hack swaps $50m of XRP for Bitcoin

  248. Yi He says Binance's latest proof of reserves is verifiable via ZKProof and backed at least 1:1

  249. TRM Labs calls $6.3bn Binance hack cyber warfare and warns North Korean attacks will continue

  250. Tom Robinson says Binance hacker swapped $175m in stolen altcoins for about 2,300 Bitcoin

  251. US State Department urges joint action on North Korean cyber threats after Binance hack

  252. Blockaid says EIP-7702 was key to $6.3bn Binance hot wallet theft

  253. Binance restores HYPE and APT withdrawals

  254. Binance restores Alpha withdrawals on BSC, Ethereum, Base and Arbitrum

  255. Zhao Changpeng says SAFU can protect user assets after Binance theft

  256. Binance's Jimmy Su says external review of 29 October incident under way

  257. Binance's Jimmy Su says halting withdrawals alone could not have stopped $6.3bn hack outflows

  258. Elliptic says North Korean hackers launder stolen Binance funds via meme coins

  259. Binance hacker suspected of moving $891m as $5.45bn remains held

  260. Santiment says retail fear could raise chance of crypto rebound

  261. Hackers linked to Binance breach swap 35 million XRP for Bitcoin via THORChain

  262. Binance's Jimmy Su says fake-interview tactic warned of before $6.3bn theft

  263. South Korea's FSC says exchanges may suspend deposits and withdrawals on suspected hacks

  264. Binance publishes new proof-of-reserves snapshot after incident

  265. Binance says all reserve ratios exceed 100% in post-exploit snapshot

  266. US DOJ says about $2.7bn of Binance-stolen funds frozen or preserved

  267. US DOJ says it froze over $1.2bn in Binance hack assets with court approval

  268. Binance says withdrawals restored on 87 networks this week

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