TechFlow News, February 10: According to The Block, South Korea’s Financial Supervisory Service (FSS) has launched a comprehensive investigation into cryptocurrency exchange Bithumb following an incident on February 6, during which the exchange mistakenly distributed approximately $4.3 billion worth of Bitcoin (620,000 BTC) in a promotional campaign. Reports indicate the error stemmed from staff incorrectly setting the reward unit as BTC instead of Korean won (KRW).
Bithumb stated that it has recovered 99.7% of the erroneously distributed Bitcoin and 93% of the 1,788 BTC that users had sold. The exchange pledged to compensate affected users for their losses at 110% of the value and plans to establish a user protection fund totaling 100 billion KRW (approximately $68 million).
