• South Korean authorities under fire over $43B Bithumb Bitcoin error Lawmakers criticize South Korea’s Financial Services Commission after Bithumb mistakenly credited 620,000 BTC and the probe faces delays. • Cointelegraph in your social feed South Korean lawmakers are stepping up pressure on financial regulators after crypto exchange Bithumb mistakenly credited customers with Bitcoin it did not hold, an error that briefly sparked a rush to sell and renewed questions about oversight of the country’s fast-growing digital-asset market. • Lawmakers said the Financial Services Commission (FSC) failed to detect critical flaws in Bithumb’s internal systems despite at least three inspections since 2022, The Korea TimesreportedThursday. • Representative Kang Min-guk of the main opposition People Power Party said the incident was more than a technical mishap, claiming structural weaknesses in the crypto market, including gaps in regulation and oversight. • Bithumb mistakenly credited2,000 Bitcoin (BTC) per user instead of 2,000 Korean won ($1.40) during a promotional event on Feb. • 6, distributing a total of 620,000 BTC that the exchange did not actually hold.
Article Summaries:
- South Korean lawmakers are pressing the Financial Services Commission (FSC) after Bithumb mistakenly credited users with 620,000 BTC-worth roughly $43 billion-during a promotional event, a flaw that briefly triggered a sell‑off and raised questions about crypto oversight. The FSC, which began its investigation on Feb. 10, has delayed its probe, extending the expected conclusion to the end of February. Lawmakers, including Representative Kang Min‑guk, argue the incident exposes structural weaknesses in Korea’s crypto market and gaps in regulation. Bithumb’s CEO noted two prior payout errors, and only 125 BTC remain unrecovered.
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