Which CEX raised cold storage?

TLDR

Upbit raised its cold storage ratio to about 99% of customer assets after a recent hot wallet breach, far above South Koreas 80% minimum requirement per a report.

1. Upbits change reduces hot wallet exposure and raises security standards regionally and globally per the report.
2. The move follows a late November Solana hot wallet hack of roughly $31 million per the coverage.
3. Higher cold storage can slow withdrawals during stress, a trade-off noted in the analysis.

Deep Dive

1. Who and What

Upbit, South Koreas largest exchange, plans to keep more than 99% of customer assets in offline cold wallets. This exceeds the national 80% cold-storage minimum and materially shrinks hot wallet exposure per the report.

2. Why Now

The shift follows a late November exploit of Upbits Solana hot wallet, with losses around $31 million, and aligns with tightening custody expectations in Korea per the coverage. Similar pieces note Upbit already held 98.33% in cold storage before announcing the step up to roughly 99% per a round-up.

3. Implications

Analysts point out a key trade-off. Security rises as funds move offline, but minimal hot wallets can slow withdrawals when demand spikes and may widen localized price gaps during stress, as noted in the analysis. Even so, the move likely pressures peers to increase their own cold storage shares per the coverage above.

Conclusion

The centralized exchange that raised cold storage is Upbit, moving to about 99% in cold wallets after a recent hack. This improves security and sets a higher regional bar, though it can mean slower withdrawals in peak stress periods per the report above.