Bithumb admits that a serious system flaw led to the erroneous transfer of 620,000 bitcoins

The South Korean cryptocurrency exchange Bithumb has acknowledged serious flaws in its internal systems, which led to mistakenly transferring 620,000 bitcoins to users instead of the intended 620,000 Korean won. Bithumb CEO Lee Jae-won stated that the incident was primarily due to a 24-hour delay in transaction processing and a lag in updating cryptocurrency holdings.

Although the exchange has recovered most of the bitcoins, there are still 1,786 bitcoins that were sold before the accounts were frozen and have not yet been retrieved. South Korean lawmakers have expressed concerns about the lack of effective regulation in the country's virtual asset market, especially in the context of South Korea having 10 million cryptocurrency investors, making it one of the most active markets in terms of trading volume globally.