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BinancecybersecuritycryptoSouth Korea
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Related tickers and likely impact
BNB/USDT
▼ Likely negativeBNB
Relevance: medium
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Exchange tokens |
| Market cap | $92.9B |
| Close on 11/02/2026 | 699.25 |
| Change that session | -1.89% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- South Korea urges exchanges to boost cold storage after Binance hack
South Korea's Financial Services Commission has urged domestic crypto exchanges to hold a larger share of assets in cold wallets after the $6.3 billion attack on Binance's hot wallets last week, although local law already requires at least 80% cold storage. Data from the Financial Supervisory Service show cold wallet ratios at the end of September of 99.17% for Upbit, 94.76% for Bithumb, 85% for Coinone, 82.79% for Digital X and 80.54% for GOPAX. The FSC also urged exchanges to continuously monitor deposits and withdrawals, add incident response staff and set aside extra reserves. Separately, the Bank of Korea is surveying 18 banks and 13 brokerages on their exposure to crypto-related risks.
- Bank of Korea probes financial firms’ exposure to crypto risks
The Bank of Korea has begun its first survey of 18 banks and 13 brokerages on crypto-related risks, starting October 23. The questionnaire covers staffing, budgets, business activities and investments in domestic and overseas crypto firms, along with scenarios such as a major exchange suspending operations after a hack, a prolonged market slump, or heavy losses at another financial institution. The survey began before the $6.3 billion Binance hack, which US authorities attributed to North Korean hackers. Meanwhile, South Korean financial firms are still testing stablecoin services while virtual asset legislation lags, and the Financial Services Commission has proposed tougher security rules after finding deficiencies at 130 of 555 financial companies.
- Binance founder warns 'banks may be easier to hack than crypto exchanges'
Changpeng Zhao (CZ), Binance's founder, says AI could increase cyberattacks in the short term and make banks easier to hack than crypto exchanges. He calls for common security standards, sharing of intrusion experiences and faster freezing of stolen assets; according to The Block, discussions on an industry security alliance have begun but no concrete agreement has been reached. The warning follows the Binance attack on 29/10, which affected about 6.3 billion USD in assets. CoinDesk reported that researchers have found no evidence that AI directly controlled the laundering of the stolen funds. In Vietnam, the State Securities Commission (SSC) asked securities firms and fund management companies to step up information system safety checks and prepare incident response plans.
- THORChain's RUNE jumps 10% as North Korean hackers resume laundering Binance loot
- Binance hack may be ‘temporary setback’ for crypto, Grayscale’s Pandl says
Grayscale's head of research, Zach Pandl, said the $6.3 billion Binance hack could be a temporary setback for crypto confidence but should ultimately push exchanges toward stronger security. He highlighted institutional custody, noting that US-based crypto exchange-traded products hold assets at state-chartered banks and qualified custodians, using offline storage, multi-signature wallets, SOC attestations and insurance. Binance pledged to cover all customer losses, the FBI attributed the attack to North Korea, and Kim Yo Jong dismissed the allegations as “absurd rhetoric.” Bitcoin fell below $77,000 and BNB lost more than 8% over 24 hours, but total crypto market capitalization rebounded 2% over the past 24 hours to about $2.63 trillion by Wednesday, still roughly $100 billion below its Oct. 28 level. Bitwise's André Dragosch told Cointelegraph that recent outflows from US spot Bitcoin ETFs reflected a short-term risk-off environment rather than a structural change in institutional sentiment.
- Binance hackers move 81% of stolen Solana, route funds via THORChain
Binance hackers have moved about 81% of the stolen Solana (SOL) and continue laundering funds through THORChain after the protocol resumed swaps. Wallets linked to the attackers held 182,443 SOL, worth $16.9 million, or about 18.8% of the 970,522 SOL stolen, according to Arkham, and the funds were split across wallets, sold for USDC, bridged to Ethereum and ultimately swapped into Bitcoin. The FBI attributed the attack to North Korea's TraderTraitor hackers and urged crypto providers to block transactions linked to stolen assets, which Kim Yo Jong, sister of North Korean leader Kim Jong Un, dismissed as ‘absurd rhetoric.’ THORChain had halted services after an Ethereum block reorganization exposed a refund bug, a pause that Chainalysis said inadvertently delayed the laundering. Chainalysis also estimated that about $500 million moved through Tron.
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