Bank of Korea surveys major domestic banks on crypto hack and crash risks
CIE News ·
Based on reporting by CoinDesk; not yet independently confirmed.
The Bank of Korea has reportedly launched its first survey asking the country's major banks to evaluate operational impacts from potential crypto hacks, market crashes, and peer losses, according to CoinDesk.
The Bank of Korea has initiated its first survey asking South Korea's largest banks to assess how a major cryptocurrency hack would affect their operations, according to CoinDesk. The central bank's inquiry also requests details on how prepared these institutions are for a crypto price collapse and potential spillover losses at other financial firms. Additionally, the survey seeks data regarding the internal structure of each bank's crypto-dedicated teams, their allocated budgets, and their direct investments in the sector.
Key facts
- First BOK crypto survey
- Assessing crypto hack impact
- Reviewing crypto team budgets