Bithumb pushes IPO past 2028 after $24M AML fine and Bitcoin misallocation blunder

620K ghost BTC credited to 249 accounts because an employee typed "BTC" instead of "KRW" — zero input validation on the asset field for a promotional payout system. Dunamu is already closing their Upbit IPO through a Naver Financial share swap by September, and Bithumb just handed them the entire Korean institutional pipeline. Between the $24M AML fine, a six-month registration freeze, and a $43B fat-finger incident, any underwriter touching this before 2028 would need their own compliance review.

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More coverage

• South Korea Fines Bithumb $24 Million Over AML Violations (bitcoinmagazine.com)
• Bithumb's IPO Retreat to 2028: How a $24M AML Fine Redrew the ... (blockeden.xyz)
• Bithumb's IPO now likely in 2028 after $43B mishap - Cryptopolitan (cryptopolitan.com)
• Bithumb delays IPO plans to post-2028 amid regulatory scrutiny (crypto.news)
• Bithumb Pushes IPO Timeline Past 2028 After Regulatory Setbacks (coinmarketcap.com)

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