Asian crypto exchanges batten down the hatches as hacks surge: Asia Express
Asian crypto exchanges are scrambling to tighten security on fears of a wave of potentially AI-assisted hacks, even as regional governments embrace tokenization and stablecoins.
Asian cryptocurrency exchanges are taking steps to enhance security measures due to an increase in potential AI-assisted hacking attempts, while some governments in the region support tokenization and stablecoins. India's cybersecurity agency identified a threat actor called "CRAFTY FALCON" as responsible for recent attacks on crypto exchanges and financial businesses.
The agency urges crypto exchanges to increase the proportion of assets held in cold wallets. South Korea's Financial Services Commission has urged domestic exchanges to hold more assets in cold storage following a $6.3 billion Binance hack. The central bank of South Korea is surveying financial institutions on the potential impact of major hacks or downturns on their operations.
Despite evidence of North Korea-linked hacking groups, Pyongyang denies involvement in the Binance hack. Crypto.com will discontinue its consumer app services in Hong Kong, while Animoca Brands secured approval to manage investment funds for non-retail clients in Abu Dhabi. Hong Kong's Project Ensemble pilot allows round-the-clock settlement of tokenized transactions.
Thailand's securities regulator filed a criminal complaint against Bitget for operating without a license. Australia's central bank raised interest rates, citing inflation pressures from energy costs and AI-related investment.
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