In response to escalating cybersecurity threats in the digital asset space, the Financial Security Institute (FSI) has officially launched a dedicated organization focused on digital asset security. This move marks a strategic expansion of FSI’s capabilities to support government policy and proactively protect virtual asset trading platforms.
Recent major hacking incidents — including a $1.46 billion breach at Bybit on February 21 and an 8.7 billion KRW (~$6.4 million) hack involving WEMIX on February 28 — have underscored vulnerabilities in Korea’s digital asset infrastructure. To counter these risks, the newly formed unit will provide comprehensive security services tailored to the crypto sector.
The FSI’s new division will offer:
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Penetration testing and system vulnerability assessments
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24/7/365 real-time threat monitoring
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Cyberattack simulation training
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Professional security education and consultation
The institute plans to deliver customized security solutions for virtual asset exchanges, aiming to enhance market trust and operational resilience.
To lead this initiative, FSI appointed Kim Hyun-min, a renowned white-hat hacker and seasoned red team expert within the organization, as the division’s first team leader. Kim’s background includes top prizes in multiple cybersecurity competitions and authorship of acclaimed technical manuals. His leadership is expected to drive both technical excellence and rapid response capabilities within the new structure.
In line with upcoming legislative reforms such as the second phase of the Virtual Asset User Protection Act, FSI also plans to expand its workforce and nurture in-house experts specializing in blockchain and digital finance.
FSI President Park Sang-won stated, “Cybersecurity threats surrounding digital assets are rapidly increasing both domestically and internationally. In response, we are committed to building a safer and more trusted digital asset ecosystem through enhanced institutional capabilities and strategic collaboration.”
