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.
27 Articles
27 Articles
Oops! South Korean crypto exchange accidentally hands out $40B in Bitcoin
A South Korean crypto exchange accidentally dumped more than $40 billion worth of Bitcoin into customer accounts -- an astounding error during a giveaway meant to award prizes worth just a few cents each.
South Korean Crypto Exchange Mistakenly Sends $44 Billion in Bitcoin to Customers
Bitcoin and statistic diagram. Credit: Jorge Franganillo / Wikimedia Commons / CC BY 2.0 A South Korean crypto exchange accidentally sent about $44 billion worth of Bitcoin to customers during a promotional rewards campaign, triggering sharp price swings and drawing swift regulatory scrutiny. Bithumb said the error occurred last week and affected hundreds of users. The exchange said the mistake happened while processing a planned giveaway meant …
Bithumb giveaway raises calls for tougher crypto regulation in South Korea
South Korea's financial market watchdog said on Monday local exchange Bithumb's unintentional giveaway of more than $40 billion in bitcoin to customers raises the need for tougher regulations to address the vulnerabilities of cryptocurrencies. The cryptocurrency exchange said on Saturday it had accidentally given away the bitcoin to customers as promotional rewards, triggering a sharp selloff on the exchange. Lee Chan-jin, governor of the Financ…
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