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#BithumbKorea $44B bitcoin blunder puts South Korea regulators on alert over local crypto exchanges. (within 35 minutes), recovering 99.7% of the ~620,000 BTC overall. A small portion (1,788 BTC) was sold by some users from which Bithumb recovered about 93% of the sold BTC (leaving 125 BTC unrecovered).
South Korea’s Financial Supervisory Service (FSS) is intensifying oversight of cryptocurrency markets following a major error at Bithumb, one of the country’s largest exchanges. Last week, Bithumb mistakenly credited 695 users with approximately 620,000 bitcoin (valued at around $44 billion at the time) instead of small promotional rewards in Korean won, due to an input mistake. The exchange quickly restricted trading and withdrawals, recovering 99.7% of the assets, though the incident caused a 30% local BTC price drop as some users attempted to sell.
The FSS announced plans to investigate high-risk practices disrupting market order, including price manipulation by large “whales,” coordinated pump-and-dump schemes via social media misinformation, and tactics involving suspended deposits/withdrawals. It will develop real-time tools to detect suspicious patterns every second/minute and AI-based text analysis for abuse flags. Regulators highlighted vulnerabilities in virtual assets, warning of potential on-site inspections and punitive fines for IT incidents sector-wide, with increased accountability for executives and CISOs.
This aligns with preparations for the Basic Digital Asset Act to expand the regulatory framework, amid President Lee Jae-myung’s push against unfair financial practices, including fraud and voice phishing.
#WhenWillBTCRebound #Write2Earn $BTC $ETH $SSV
South Korea’s Financial Supervisory Service (FSS) is intensifying oversight of cryptocurrency markets following a major error at Bithumb, one of the country’s largest exchanges. Last week, Bithumb mistakenly credited 695 users with approximately 620,000 bitcoin (valued at around $44 billion at the time) instead of small promotional rewards in Korean won, due to an input mistake. The exchange quickly restricted trading and withdrawals, recovering 99.7% of the assets, though the incident caused a 30% local BTC price drop as some users attempted to sell.
The FSS announced plans to investigate high-risk practices disrupting market order, including price manipulation by large “whales,” coordinated pump-and-dump schemes via social media misinformation, and tactics involving suspended deposits/withdrawals. It will develop real-time tools to detect suspicious patterns every second/minute and AI-based text analysis for abuse flags. Regulators highlighted vulnerabilities in virtual assets, warning of potential on-site inspections and punitive fines for IT incidents sector-wide, with increased accountability for executives and CISOs.
This aligns with preparations for the Basic Digital Asset Act to expand the regulatory framework, amid President Lee Jae-myung’s push against unfair financial practices, including fraud and voice phishing.
#WhenWillBTCRebound #Write2Earn $BTC $ETH $SSV
📣Happening Now
#Bithumb ,the second largest cryptocurrency exchange in South Korea 🇰🇷,announced the listing of its#IOTA and #STRIKE coins for trading📊
#BithumbNews #BithumbKorea
$IOTA
#Bithumb ,the second largest cryptocurrency exchange in South Korea 🇰🇷,announced the listing of its#IOTA and #STRIKE coins for trading📊
#BithumbNews #BithumbKorea
$IOTA
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