US EditionBitcoin news: $44 billion BTC blunder puts South Korea regulators on alert
- On Friday, Bithumb mistakenly credited 620,000 bitcoins instead of 620,000 won to 249 promotion winners, prompting the Financial Supervisory Service to launch probes and conduct an on-site review, Gov. Lee Chan-jin said Monday.
- A unit-entry error caused the payout unit to be entered as `BTC` instead of `won`, exposing structural weaknesses in virtual asset information systems linked to the 2024 'random box' promotion.
- Authorities reported that 1,788 bitcoins were sold by 86 users before trading was blocked, and 125 bitcoins worth about 13 billion won remained unrecovered as of Saturday.
- The FSS warned it will escalate to formal investigations if breaches are found, stating that the mistaken bitcoins credit count as unjust enrichment that must be returned, posing legal risks for users who liquidated the misallocated coins.
- The FSS will incorporate inspection findings into the second phase of virtual asset legislation and has set up an emergency task force, potentially raising licensing risks for exchanges.
15 Articles
15 Articles
South Korean Crypto Exchange Gives Rs 3.62 Lakh Crore In Big Bitcoin Error
Instead of giving winners about 2,000 Korean won (Rs 123), the system ended up distributing at least 2,000 bitcoins to each of 695 accounts. This amounted to around 620,000 bitcoins. At today's value, it's worth over Rs 3.62 lakh crore.
Financial watchdog plans massive probes into Bithumb after 'ghost' bitcoin fiasco
The Financial Supervisory Service (FSS) will launch targeted probes into high-risk areas that could significantly disrupt order in the virtual asset market following the recent bitcoin payment mishap at Bithumb, FSS Gov. Lee Chan-jin said Monday. Lee said the incident exposed structural weaknesses in virtual asset information systems, underscoring the need for corrective measures. Financial authorities have already set up an emergency task force…
Bitcoin holds as S. Korea probes Bithumb 620,000‑BTC error
The post Bitcoin holds as S. Korea probes Bithumb 620,000‑BTC error appeared on BitcoinEthereumNews.com. Input error turned won rewards into 620,000 BTC; 99.7% recovered Bithumb mistakenly issued 620,000 BTC to user accounts after a rewards configuration was entered in bitcoin rather than Korean won, with 99.7% reportedly recovered, as reported by Chosun Ilbo’s English edition. The erroneous airdrop briefly left some balances showing outsized ho…
[Digital Daily Reporter Cho Yoon-jung] The aftermath of the Bitcoin (BTC) overpayment incident on the virtual asset exchange Bithumb is intensifying. Legal issues, including lawsuits demanding the return of unjust enrichment, are emerging over whether Bitcoin received during the overpayment can be recovered if cashed out. Bithumb has attempted to quell the incident, labeling it a simple accounting error. However, vulnerabilities in its internal …
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