After Historic Binance Hack, South Korea Considers 99% Cold Wallet Rule for Crypto Exchange Binance's latest security breach, which resulted in the theft of more than $6.3 billion, has led South Korean regulators to consider increasing the cold storage requirement for exchanges from 80% to 99%. The proposed change could pose challenges to smaller exchanges, as higher levels of cold storage could delay customer withdrawals during volatile market conditions. Security weaknesses at Binance, including inadequate isolation of development environments and insufficient two-factor authentication, were highlighted as contributing factors to the breach.

After Historic Binance Hack, South Korea Considers 99% Cold Wallet Rule for Crypto Exchange Binance's latest security breach, which resulted in the theft of more than $6.3 billion, has led South Korean regulators to consider increasing the cold storage requirement for exchanges from 80% to 99%. The proposed change could pose challenges to smaller exchanges, as higher levels of cold storage could delay customer withdrawals during volatile market conditions. Security weaknesses at Binance, including inadequate isolation of development environments and insufficient two-factor authentication, were highlighted as contributing factors to the breach.