Lee Jae-myung calls for a "cyber czar" after $6.3 billion Binance hack

South Korean President Lee Jae-myung told a cabinet meeting on November 3 to "actively review the creation of a powerful and effective cybersecurity czar organization", a central body that would coordinate security functions now spread across different agencies, the Seoul Economic Daily reported.

Lee cited a series of breaches at financial and public institutions and the leak of the passenger list for the aircraft the president uses. He also pointed to an attack on "the world's largest cryptocurrency exchange": about $6.3 billion, or roughly 8.4 trillion won, was withdrawn from Binance without authorization on October 29, and a hacking group is suspected.

"All of society must join forces"

According to Lee, AI-assisted hacking is becoming more sophisticated and more frequent, and a system built on inspections and after-the-fact responses has its limits. What is needed, he said, are systems that detect, share and respond to warning signs early, with a body spanning the public and private sectors. "All of our society must join forces in shifting technology, institutions and awareness," he said.

According to UN and Western government assessments, North Korean hacking groups have for years been used to finance weapons programs through cryptocurrency theft.

Lee did not name the exchange or the perpetrator in his remarks.