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>>Bithumb's $43 Billion Bitcoin Fiasco Sparks Political Controversy in South Korea

Bithumb's $43 Billion Bitcoin Fiasco Sparks Political Controversy in South Korea

crypthub

about 13 hours ago

Bithumb Bitcoin Mishap

On 6 February Bithumb mistakenly credited 620,000 BTC—over $43 billion—to users instead of 2,000 won each. The error stemmed from a system flaw that allowed a single employee to trigger massive transfers. It revealed a critical structural weakness in the exchange’s architecture.

Parliamentary Pressure

Lawmakers are demanding answers after three FSC reviews and three FSS inspections between 2022‑2025 failed to catch the defect. Rep. Kang Min‑guk said oversight was inadequate and safeguards were insufficient. Rep. Han Chang‑min accused regulators of shifting responsibility onto Bithumb.

Regulatory Response

The FSS extended its investigation deadline and sent an eight‑member team to probe investor‑protection and AML violations. An emergency task force, in coordination with the Digital Asset eXchange Alliance, is now auditing Upbit, Coinone, Korbit and GOPAX. Results will feed into DAXA’s self‑regulatory guidelines and upcoming crypto legislation.

Market Context

Bitcoin is trading near $67,800, down about 2 % over the past week with little change since Thursday.