South Korea Enables Crypto Exchanges to Freeze Withdrawals Amid Hacking Threats

South Korea will allow crypto exchanges to freeze withdrawals during hacking threats to improve security, following recent incidents like GOPAX's service suspension and a $70,000 breach at Prabang.

South Korea has introduced new measures allowing cryptocurrency exchanges to temporarily freeze withdrawals when facing hacking threats, according to CoinTelegraph. This move aims to enhance security and protect users' assets during cyberattacks.

In a recent example, GOPAX took precautionary steps by suspending its services to counter potential risks. Additionally, Prabang experienced a hot-wallet breach resulting in a loss of $70,000, highlighting the ongoing security challenges within the crypto industry.

For Japanese investors and market participants, South Korea's regulatory approach underscores the increasing importance of robust security protocols in the crypto sector, a trend also influencing Japan's evolving digital asset landscape.

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By Sama Kane

Tokyo Overnight

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