South Korea's president calls for a cybersecurity czar after the $6.3 billion Binance hack
South Korea wants one office in charge of cyber defense after the Binance theft
South Korean President Lee Jae Myung called on Tuesday for a powerful cybersecurity coordinator to oversee both government agencies and private companies. He pointed to the recent hack of Binance, a major cryptocurrency exchange, in which about $6.3 billion was stolen, as evidence that the current system is not working.
Speaking at a Cabinet meeting in Seoul, Lee said South Korea needs a government-wide body with the authority to coordinate cyber defense across public agencies and private businesses, according to The Korea Times. "The existing security system, which centers on inspections and after-the-fact responses, is showing clear limitations," Lee said.
The main points
- President Lee Jae Myung called for a "powerful cybersecurity czar" at a Cabinet meeting on Tuesday, citing the $6.3 billion Binance hack.
- The FBI attributed the Oct. 29 theft to North Korea's TraderTraitor hacking group. North Korea denied any role in the attack.
- Lee warned that advancing AI is making cybercriminals more sophisticated, and asked for earlier threat detection and faster information sharing instead of responses after a breach.
- Security checks are underway at more than 2,100 public bodies and roughly 170 major private infrastructure facilities.
- No timetable has been announced for creating the proposed cybersecurity body.
What the hack and the response to it were
The Binance hack took place on Oct. 29. The FBI attributed it to TraderTraitor, a hacking group it links to North Korea. Pyongyang denied responsibility, and Lee did not name North Korea when discussing the attack at the Cabinet meeting.
The proposal is a response at the level of national policy. Today, cyber defense in South Korea is spread across separate agencies; the president wants a single coordinator with authority over both the public sector and private companies such as banks and telecom firms.
Where the security checks stand
Two ministries are already acting. South Korea's National Intelligence Service has ordered security checks at more than 2,100 government bodies and public institutions. The science ministry is inspecting about 170 major private-sector infrastructure facilities, including financial and telecommunications companies, according to The Korea Times.
What is confirmed and what is not
Confirmed from the reporting: the president's statement at the Cabinet meeting, the FBI's attribution of the hack to TraderTraitor, North Korea's denial, the ongoing security checks, and the $6.3 billion loss figure cited in connection with the hack.
Still open: the proposed cybersecurity body does not exist yet. The government has announced no timetable, no powers, and no structure for it, so the proposal should be treated as a plan under consideration rather than a decided policy.
Why this matters for crypto and finance firms
The Binance theft is being treated in South Korea as a national security event, not only an exchange incident. If the coordinator role is created, exchanges, banks, and telecom companies operating in South Korea would likely fall under a single cybersecurity authority with power to coordinate across sectors. Lee also framed AI as a growing tool for attackers, which is why he wants detection to move earlier and information sharing to move faster than the current inspection-based system allows.
What happens next
The government has not announced when, or in what form, the cybersecurity body will be established. In the meantime, the security checks at the 2,100-plus public bodies and about 170 private infrastructure facilities are continuing.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.