The Bank of Korea's survey asks financial firms to evaluate the impact if South Korea's largest cryptocurrency exchange by market share temporarily suspends operations following a major hack or security breach.

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Binance began progressively reopening customer withdrawals

The Bank of Korea requested that the 31 surveyed financial institutions submit their responses to the cryptocurrency risk survey by November 4, 2026.

The Bank of Korea survey includes South Korea's five major banks—KB Kookmin, Shinhan, Hana, Woori, and NH NongHyup—alongside 13 securities companies and other lenders.

A Bank of Korea official stated that the central bank is conducting the risk survey to establish a baseline understanding of financial institutions' digital asset activities, as regular reporting to the Financial Supervisory Service lacks crypto-specific details.

The Bank of Korea survey includes a scenario asking financial institutions to assess operational risks stemming from a steep decline in Bitcoin prices accompanied by a prolonged slump in trading volume.

South Korea's Financial Services Commission reported in October 2026 that 130 of 555 audited financial companies displayed security deficiencies, with confirmed breaches occurring at 16 firms, including two virtual asset businesses.

The central bank's questionnaire asks financial institutions to evaluate contagion risks, specifically how heavy crypto-related losses at one financial firm could affect other institutions across the sector.

The Bank of Korea's questionnaire asks financial institutions to provide details regarding their dedicated cryptocurrency teams, staffing levels, budget allocations, and risk management framework.

The Bank of Korea distributed its crypto risk survey to financial firms six days before Binance disclosed a $6.3 billion security breach on October 29, 2026.

The Bank of Korea survey requires banks and brokerages to disclose their existing digital asset businesses, planned projects, motives for market entry, and capital invested in domestic and overseas crypto companies.

Binance secured digital assets to cover approximately 95% of the stolen $6.3 billion using its corporate treasury, Futures Insurance Fund, and emergency reserve funds.

Crypto issuers and network governance mechanisms froze approximately $2.85 billion of the stolen Binance assets by November 2, 2026, representing about 44% of the total stolen funds.

Binance estimated a cyber intrusion at approximately $6.3 billion on October 30, 2026, triggering market volatility that increased redemption pressures on Jupiter Lend.

Centralized cryptocurrency exchange Gate froze two accounts and cooperated with law enforcement after the Binance attackers deposited approximately $250,000 in stolen funds onto the platform.

Binance pledged to cover customer losses using company resources and emergency reserves, having replenished about 95% of affected assets as of November 3, 2026.

Total global cryptocurrency losses from security hacks reached an annual record of $8.73 billion in 2026.

Following the exchange reopening on November 1, 2026, Binance processed $4.649 billion in withdrawals and $1.01 billion in deposits between 06:00 and 15:30 GMT, resulting in a net outflow of $3.64 billion.

Crypto investment firm 1kx attributed Morpho's relative strength during the 2026 lending downturn to its curator-based risk management model.

Solana developer Anza and Solana Foundation lead Tim Garcia issued an urgent warning on November 1, 2026, advising mainnet-beta validators to apply temporary mitigations against CVE-2026-98432.

Solana Foundation validator relations lead Tim Garcia recommended that operators block incoming IPv4 TCP packets with options, disable MPTCP, and turn off TCP request-socket migration while Ubuntu patches remain pending.