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BTCC / BTCC Square / Global Cryptocurrency /
Bithumb Exchange’s $44 Billion Bitcoin Error Triggers South Korean Regulatory Overhaul

Bithumb Exchange’s $44 Billion Bitcoin Error Triggers South Korean Regulatory Overhaul

Author:
Global Cryptocurrency
Published:
2026-02-10 17:40:07
23
2
Bithumb exchange News -

South Korean regulators have accelerated oversight of cryptocurrency exchanges after Bithumb Holdings Co. accidentally processed a 620,000 bitcoin transaction worth approximately $44 billion. The incident prompted immediate intervention from the Financial Supervisory Service (FSS), which confirmed expanded market surveillance measures during a press briefing in Seoul.

Exchange infrastructure vulnerabilities came under scrutiny as Bithumb attempted to recover funds distributed to 249 users through an API malfunction during promotional activities. FSS Governor Lee Chang-jin announced new protocols to prevent 'gating' tactics—where exchanges freeze withdrawals to manipulate asset prices—and pledged stricter enforcement against market manipulation schemes.

The regulatory response includes advanced AI monitoring systems and trading restrictions targeting large-volume participants. Market analysts suggest the measures may temporarily suppress trading volumes but could strengthen institutional confidence in South Korea's digital asset markets long-term.

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