SEOUL, SOUTH KOREA – Major cryptocurrency exchange Bithumb is facing intense scrutiny following the revelation of a massive accounting discrepancy reportedly involving a $43 billion valuation error related to Bitcoin holdings. The colossal figure, which Bithumb attributed to a profound systems glitch that temporarily displayed incorrect balances, has triggered swift regulatory action and elevated concerns over internal controls.
The South Korean Financial Services Commission (FSC) and cyber police units have reportedly intensified their investigation into the exchange’s operational integrity. Investigators are focusing on whether the error constitutes a simple technical fault or points to deeper systemic vulnerabilities that could compromise customer funds.
In a proactive move aimed at stabilizing market trust and mitigating potential regulatory penalties, Bithumb announced a comprehensive compensation plan. The exchange stated that all users whose balances were incorrectly affected by the glitch—whether through temporary overstatement or understatement—will be fully compensated and their true assets secured. The plan includes immediate system audits by independent third-party cybersecurity firms and the implementation of a heightened, real-time reconciliation process to prevent future errors of this magnitude.
Furthermore, Bithumb pledged to establish a dedicated reserve fund specifically earmarked for compensating users in the event of future operational disruptions. While the exchange insists that no customer funds were actually lost or exposed due to the error, the high-profile nature of the incident ensures that the regulatory spotlight on Bithumb will remain intense throughout the resolution process.
Source: Investigators Circle as Bithumb Reveals Compensation Plan for $43 Billion Bitcoin Error
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