November 2 After-Work Podcast — Financial Services Commission Conducts Emergency Inspection of Domestic Exchanges Following Binance Hack; Ethereum ETFs See Outflows for Five Consecutive Wee

South Korea's Financial Services Commission convened an emergency meeting on November 2 with the Financial Supervisory Service, Financial Security Institute, DAXA, and major virtual asset service providers to inspect wallet operations and reserve holdings following the Binance hack. The review focused on cold wallet withdrawal systems and incident-response reserves, with operators reportedly ordered to expand cold wallet allocations and add to reserve funds—signaling the hack has escalated from a single exchange incident to an industry-wide risk management issue. Market reaction was muted: Bitcoin traded at $78,056, up 0.21% over 24 hours, while Ethereum rose 0.67% to $2,282, with large-cap assets showing defensive rather than panic behavior. Separately, spot Ethereum ETFs recorded their fifth consecutive week of outflows. Watch for follow-up regulatory directives from the FSC on reserve requirements and custody standards, and whether domestic exchanges announce concrete cold wallet and reserve increases.