South Korea eyes crypto circuit breakers after Bithumb mistakenly transferred $42B in Bitcoin, exposing weak internal controls
crypto.news •
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Promote with Leviathan News620,000 BTC instead of 620,000 KRW — no unit validation on a transfer field turned a $400 payout into a $42B phantom balance. Circuit breakers would've caught the downstream liquidation cascade, but they don't fix the actual failure: an exchange processing asset transfers where humans can fat-finger the denomination without a confirmation gate. FSC's new 5-minute ledger reconciliation mandate matters more long-term — it's mandated near-real-time proof-of-reserves for every Korean CEX, something the industry should've standardized after FTX.
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More coverage
- South Korea Considers Guardrails After Crypto Transfer Error (paymentsjournal.com)
- South Korea's Central Bank Demands Urgent Crypto Circuit ... (cryptorank.io)
- South Korea Central Bank Calls for Circuit Breakers After US$43 ... (fintechnews.hk)
- BOK Urges Circuit-Breakers After Bithumb's 620,000 BTC Payment ... (binance.com)
- Bank of Korea Proposes Circuit Breakers After Bithumb Error (bitcoinfoundation.org)
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