The total accumulated liability reserve of the five major cryptocurrency exchanges in South Korea is approximately $190 million

According to MTN News, one year after the implementation of South Korea's Virtual Asset User Protection Act, the accumulated liability reserves of the country's five major cryptocurrency exchanges have exceeded 260 billion Korean won. According to the data released by the Democratic Party legislator Xu Yong on the same day, as of the end of June this year, the total amount of liability reserves accumulated by Upbit, Bithumb, Coinone, Korbit, and Gopax reached 263.30381 billion Korean won (approximately 190 million US dollars). Among them, Bithumb has accumulated reserves of KRW 150.1 billion (approximately USD 108 million), and 90.6% of its custodial assets are stored in cold wallets; Upbit has accumulated reserves of 64.2 billion Korean won (approximately 46.44 million US dollars), with a cold wallet custody ratio of up to 98.3%; Coinone and Korbit have accumulated reserves of KRW 30 billion (approximately USD 21.7 million) and KRW 16 billion (approximately USD 11.57 million), respectively; Gopax replaced the provision of reserves by purchasing compensation liability insurance.