The total liability reserves accumulated by South Korea's five largest crypto exchanges are approximately US$190 million

PANews reported on July 30th that, according to MTN News, one year after the implementation of South Korea's Virtual Asset User Protection Act, the country's five largest crypto exchanges have accumulated liability reserves exceeding 260 billion won. According to data released by Democratic Party of Korea Rep. Heo Young on the same day, as of the end of June this year, Upbit, Bithumb, Coinone, Korbit, and Gopax had accumulated a total liability reserve of 263.30381 billion won (approximately $190 million). Bithumb had accumulated 150.1 billion won (approximately $108 million) in reserves, with 90.6% of its custodial assets held in cold wallets. Upbit had accumulated 64.2 billion won (approximately $46.44 million) in reserves, with a high cold wallet custody ratio of 98.3%. Coinone and Korbit had accumulated 30 billion won (approximately $21.7 million) and 16 billion won (approximately $11.57 million), respectively. Gopax, on the other hand, has replaced its reserve provisions with liability insurance.

The total liability reserves accumulated by South Korea's five largest crypto exchanges are approximately US$190 million

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