Cold Storage
Gate Introduces PoSEC Asset Security Verification System
Cryptocurrency exchange Gate has unveiled the Proof of Security system, which assesses the asset storage structure and coverage of client obligations in case of hot wallet losses. According to the company's calculations, the coverage ratio reached 104.58%. However, this data is based on different reporting periods, and independent verification is still ongoing.
South Korea Calls on Exchanges to Increase Asset Share in Cold Wallets After Binance Hack
The Financial Services Commission of South Korea (FSC) held an emergency meeting after the $6.3 billion Binance hack and urged exchanges to increase the share of assets in cold storage. By law, it must be at least 80%; Upbit has 99.17%, and Bithumb has 94.76%.