Bank of Korea quizzes 31 financial firms on crypto shock scenarios

South Korea's central bank reportedly wants banks and brokerages to explain how they would cope with an exchange hack, a Bitcoin slump or a peer's collapse South Korea’s central bank wants to know what happens to the country’s banks if crypto has a very bad week. The Bank of Korea has reportedly launched its first survey of banks and brokerages focused on crypto-related risks. It sent questions to 31 financial institutions about how they would hold up under a handful of unpleasant scenarios. Those scenarios include a major hack or shutdown at a big exchange, a prolonged downturn in the crypto market, and heavy losses at another financial institution. Who got the questionnaire, and what it asks The survey went out on October 23, according to The Herald Business and Yonhap, both of which cited financial industry sources. It reportedly marks the central bank’s first systematic review of how financial institutions participate in the virtual asset market. The recipient list covers 31 firms in total. That breaks down into 18 domestic banks and 13 securities firms. The biggest names are all on it. KB Kookmin, Shinhan, Hana, Woori and NH NongHyup, the country’s top five banks, are among th...