South Korean President Lee Jae-myung has directed officials to look into creating a cybersecurity task force. A wave of hacking incidents at financial firms and a massive cryptocurrency theft linked to North Korea have raised alarm over the country's digital defenses.
Lee instructed on Tuesday, Nov. 3, 2026, during a Cabinet meeting at Cheong Wa Dae in Seoul. The proposed task force would focus solely on strengthening online security.
Cybersecurity Task Force and North Korea's Binance Heis
South Korean President Lee Jae-myung has directed officials to look into creating a cybersecurity task force. A wave of hacking incidents at financial firms and a massive cryptocurrency theft linked to North Korea have raised alarm over the country's digital defenses.Lee instructed on Tuesday, Nov. 3, 2026, during a Cabinet meeting at Cheong Wa Dae in Seoul. The proposed task force would focus solely on strengthening online security.
Cybersecurity Task Force and North Korea's Binance Heist
The directive follows a string of attacks on domestic financial companies that exposed customer data. The most recent targets were Mirae Asset Global Investments, cryptocurrency exchange Bithumb, and Daishin Securities.It also comes after the hacking of Binance, the world's largest crypto exchange, in which more than US$6 billion in cryptocurrency was stolen. The U.S. Federal Bureau of Investigation (FBI) has since attributed the theft to North Korea, which gives the incident a national security dimension beyond financial crime.Lee said cyber threats have grown severe enough to endanger the national economy, national security and the daily lives of ordinary citizens. He called for "a comprehensive prevention system" to address them.According to the president, hacking methods are becoming more sophisticated and widespread, driven partly by advances in artificial intelligence (AI). He said this trend is exposing clear limits in the systems currently used to maintain security.
A Possible "Czar Agency" Amid North Korea Threats
Lee's plans go further than a single task force. He stressed the need for talks on setting up a pan-government agency responsible for cybersecurity across both the public and private sectors.He specifically told officials to "proactively consider the formation of a cybersecurity czar agency" that could act as a strong and effective control tower for security management.The president also ordered officials to thoroughly fix security weaknesses at major state institutions and key national infrastructure, naming information communications, energy, and finance. Because hackers tied to North Korea have repeatedly targeted financial assets, the finance sector is a particularly pressing concern.
Social Media Limits for Teens Also on the Agenda
Cybersecurity was not the only digital issue raised at the meeting. Lee also called for quick discussions on the government's plan to restrict adolescents' use of social media."The harmful effects (of social media on teenagers) appear to be greater than what we think," Lee said.The government is pursuing measures to limit social media sign-ups by young teens and to restrict their use of certain services, including algorithm-based ones. The goal is to shield adolescents from the harms of social media.Lee told Kim Jong-cheol, chairman of the Korea Media and Communications Commission, to "conduct relevant discussions thoroughly and promptly." He pointed to similar efforts already under way in Europe, Australia and Canada.Kim replied that the plan should be pursued on the basis of social consensus. He said the commission intends to gather public input and finalize the measures in the first half of next year.Officials will now weigh whether to form a cybersecurity task force and a broader czar agency. Their decisions will shape how South Korea responds to escalating digital threats, including attacks attributed to North Korea.
Binance, the world's largest cryptocurrency exchange, said on Thursday that a "security incident" on its platform affected roughly $6.3 billion worth of assets. It is one of the largest security events in the crypto industry so far, though the exchange said close to $3 billion of the affected funds had already been frozen on-chain.
Stablecoin issuers moved quickly after the data breach at Binance. Tether said it had frozen more than 1.567 billion USDT linked to the incident, and Circle froze
Binance, the world's largest cryptocurrency exchange, said on Thursday that a "security incident" on its platform affected roughly $6.3 billion worth of assets. It is one of the largest security events in the crypto industry so far, though the exchange said close to $3 billion of the affected funds had already been frozen on-chain.Stablecoin issuers moved quickly after the data breach at Binance. Tether said it had frozen more than 1.567 billion USDT linked to the incident, and Circle froze 800 million USDC. The Arbitrum Security Council also reportedly executed a transaction to freeze about $30.5 million connected to the Binance exploit.
How the Binance Data Breach Happened
According to the exchange, early findings point to a compromised employee device. Initial investigation suggests that the security incident may involve a compromised DevOps engineer's laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions," Binance said in an update.The statement, titled "Security Incident Update," was published on October 30, 2026, at 07:53. It said the company had found no evidence that any wallet private key was leaked. Binance added that it would release a detailed technical post-mortem once the investigation is complete and the facts are fully verified.
Who Will Cover the Losses
Binance said it will cover all losses from the cyberattack on Binance using its Secure Asset Fund for Users (SAFU) and the company's own funds. "User funds are safe," the exchange stated. It also said it had worked with blockchain partners to freeze the affected assets. Once remediation is complete, it plans to publish an updated Proof of Reserves.
Immediate Steps Following the Binance Data Breach
As an immediate precaution, the exchange said it has:
Temporarily suspended deposits and withdrawals while security checks are completed;
Revoked the affected address authorization;
Engaged law enforcement and blockchain intelligence partners to trace and recover the funds.
The company said its teams are working around the clock to resolve the issue. "We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice," Binance said.The exchange asked users to rely only on official Binance channels for updates and to contact Binance Customer Support with any further questions.
Withdrawals Expected to Resume Within 48 Hours
In a later update, Binance said it expects withdrawals to resume in 48 hours, after its team "completes a security revamp of the withdrawal service and its related addresses."Until then, users cannot move funds on or off the platform. Binance has not yet said how the attacker gained access to the engineer's laptop. The company has said those technical details will be in its upcoming post-mortem on the Binance data breach.
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Firewall Daily – The Cyber Express
