Full Investigation Launched in South Korea
According to a Tuesday report from Yonhap News, South Korea’s Financial Supervisory Service (FSS) has upgraded its initial routine audit of cryptocurrency exchange Bithumb into a full-scale investigation. This decision follows a recent incident where Bithumb mistakenly sent users a massive amount of Bitcoin due to a technical error.
Regulatory Authorities Taking It Seriously
A representative from the Financial Supervisory Service stated that the agency is handling the case with the utmost seriousness, emphasizing its commitment to taking strict action against any behavior that disrupts market fairness.
Focus on the Cause of the Incident
- The investigation is centered on understanding why Bithumb released Bitcoin far exceeding its actual reserves.
- Regulators aim to determine whether internal management flaws at the exchange contributed to the error.
This incident has not only drawn regulatory attention but also posed new compliance challenges for the broader cryptocurrency market.