Financial Watchdog to Introduce Tougher Penalties on IT Accidents

Financial watchdog to introduce tougher penalties on IT accidents

The country's financial watchdog said Monday that it will introduce a set of measures to impose tougher penalties on financial companies for IT infrastructure-related accidents. The Financial Supervisory Service (FSS) said it will draw up measures to prevent IT accidents in the financial sector, which will include punitive penalties and enhanced regulations on IT security in order to better protect consumers. The steps come as Bithumb, the count…

South Korea Investigates Bithumb Over $4B “Ghost Bitcoin” Error

South Korea has launched a full investigation into Bithumb, the country’s second-largest crypto exchange. The probe comes after the exchange accidentally distributed far more Bitcoin than it actually held. KOREA INVESTIGATES BITHUMB OVER 620,000 "GHOST" BITCOINSouth Korea has launched a full-scale investigation into Bithumb over its $4B 'ghost coin' scandal.Regulators are examining how Bithumb mistakenly sent out 620,000 $BTC despite holding on…

Regulator launches probe into Bithumb's accidental bitcoin pay out

Seoul: Financial authorities began a formal investigation on Tuesday into Bithumb, a local crypto exchange, to determine how it was able to pay out over 60 trillion won ($41.2 billion) in bitcoins it...

Regulatory Scrutiny Intensifies After the Bithumb Incident — A Wake-Up Call for Global Crypto Markets:

(HedgeCo.Net) Regulatory risk has surged back to the forefront of the global crypto conversation following a high-profile operational failure at Bithumb, one of South Korea’s largest digital-asset exchanges. A system error led to the mistaken distribution of billions of dollars’ worth of Bitcoin in rewards—an incident that, while largely reversed, has triggered a sharp response from regulators and reignited fundamental questions about the operat…

Regulator launches probe into Bithumb’s accidental bitcoin pay out

Seoul, Feb 10 (SocialNews.XYZ) Financial authorities began a formal investigation on Tuesday into Bithumb, a local crypto exchange, to determine how it was able to pay out over 60 trillion won ($41.2 billion) in bitcoins it apparently did not have, industry sources said. Regulators informed the crypto exchange Monday that an investigation will be conducted, three days after they conducted an on-site inspection, according to the sources, reports …

Investigators Circle as Bithumb Reveals Compensation Plan for $43 Billion Bitcoin Error

South Korean regulators are investigating Bithumb after its accidental $43 billion Bitcoin handout to customers last week.