Hacked crypto exchanges face fines worth 10% of stolen assets – DL News
- Financial Services Commission says exchanges’ security systems need shoring up.
- Current maximum fine is $456,000.
- New proposal could see exchanges instead fined millions of dollars.
South Korean financial regulators will fine hacked crypto exchanges a sum equivalent to up to 10% of their losses, if a leaked draft bill becomes law.
The Financial Services Commission, or FSC, drafted the bill, South Korean newspaper Seoul Kyungjae reported.
The regulator is concerned that exchanges’ cybersecurity and liability laws are too lax.
The FSC’s call comes after domestic market-leading exchange Upbit suffered a breach worth $36 million in late November last year. Had the FSC’s draft bill been law at the time, Upbit would have faced a maximum…
