TechFlow News, February 11: According to CoinDesk, South Korean cryptocurrency exchange Bithumb admitted to a critical flaw in its internal systems, which mistakenly transferred 620,000 bitcoins to users instead of the intended 620,000 Korean won.
Bithumb CEO Lee Jae-won stated that the incident was primarily caused by a 24-hour delay in trade processing and lagging updates to cryptocurrency holdings. Although the exchange has recovered most of the bitcoins, 1,786 bitcoins sold before account freezes remain unrecovered. South Korean lawmakers expressed concern over the lack of effective regulation in the country’s virtual asset market—especially given that South Korea now has 10 million cryptocurrency investors, making it one of the world’s most active trading markets.
