South Korea Proposes Strict Fines for Crypto Exchanges After Hacks
South Korea's Financial Services Commission (FSC) is drafting new legislation to penalize cryptocurrency exchanges hit by cyberattacks. Exchanges could face fines of 10% of stolen assets or 3% of annual revenue in case of security breaches.
This move follows a $36 million hack on Upbit in November 2025, where current penalties were significantly lower. The FSC aims to align crypto security standards with traditional financial institutions and ensure exchanges bear the cost of security failures.