Lawmakers Slam Regulators After Bithumb’s 620,000 BTC Blunder

[madtrader]

South Korean lawmakers are ramping up pressure on regulators after crypto exchange Bithumb mistakenly credited users with Bitcoin it did not actually hold. During a Feb. 6 promotional event, customers were reportedly credited with 2,000 BTC each instead of 2,000 Korean won (about $1.40), resulting in a staggering 620,000 BTC being briefly reflected in user accounts and triggering a rush to sell.

Members of the ruling and opposition parties criticized the Financial Services Commission (FSC) for failing to detect internal system flaws despite conducting at least three inspections since 2022. Lawmakers argue the error exposes deeper structural weaknesses in oversight of South Korea’s rapidly expanding digital-asset market.

[johnblockbuster]

First police lose BTC. Then prosecutors “misplace” BTC. Now exchanges mint accidental BTC. Cool cool cool