Upbit raise cold storage reach 99% after Solana hack as Korea dey push make exchanges bear bank-level liability

Upbit (wey dey run am na Dunamu) go raise im cold-storage ratio reach about 99%, make hot-wallet exposure drop under 1% after one Solana-related hack for late November wey drain plenty Solana-based tokens. Di exchange don dey keep about 98.3% offline before and dem use one Automatic Tracking Service freeze around $1.77m wey dem thief; but most of di roughly 44.5 billion KRW (~$31m) loss dey waka commot for good and Upbit go cover customer losses from im reserves. Dis move put Upbit well pass South Korea law minimum of 80% cold-storage and ahead of many global peers. Regulators and lawmakers dey press for tougher rules: Financial Services Commission dey review "bank-level" liability standards wey fit force exchanges to compensate users for hack or system-failure losses, and lawmakers dey fast-track a won-backed stablecoin framework with regulatory drafts wey dem expect for December ahead of January 2026 session. For traders, di higher cold-storage ratio dey improve custodian security but e go reduce hot-wallet liquidity, fit slow withdrawals and make domestic price gaps (Kimchi premium) wider during volatility—especially for low-cap and illiquid tokens wey Upbit support. Expected consequences include tighter security posture and higher compliance and operational costs for exchanges, plus possible short-term liquidity squeezes and more price dislocations for Korea.