South Korea asks its biggest banks how a major crypto hack would hit them
Source: CoinDesk ·
From the source
In its first such survey, the BOK also asked about a crypto price crash, losses at another firm, and each firm’s crypto teams, budgets and investments. South Korea’s central bank has asked banks and brokerages how they would be affected if the country’s largest crypto exchange stopped operating after a hack, as it examines potential risks from their expansion into digital assets. The Bank of Korea sent the survey to 18 banks and 13 securities firms on Oct. 23, with responses requested by Nov. 4, Yonhap reported . The banks include KB Kookmin, Shinhan, Hana, Woori and NH NongHyup. It is the first time the BOK has run such a survey The exercise seeks to fill gaps in the central bank’s view of financial firms’ crypto activities. A BOK official told The Herald Business that existing business reports and information shared with the Financial Supervisory Service provide insufficient detail on those operations. Alongside an exchange shutdown, the questionnaire asks about a sharp fall in…