Bithumb acknowledges internal system flaws behind a mistaken multi-billion Bitcoin transfer, prompting regulatory investigation into asset-matching and account segregation safeguards.
Bithumb admitted that internal system weaknesses led to mistakenly crediting 620,000 BTC instead of 620,000 KRW to customer accounts, causing a 17% plunge in Bitcoin prices on the exchange. The Korean Financial Supervisory Service launched an investigation after identifying asset-matching and account-segregation deficiencies. Most of the funds were recovered, but 1,786 BTC were sold before accounts were frozen. The CEO attributed the mishap to 24-hour processing delays and outdated holdings data.