Seoul, April 13 (IANS) The central bank on Monday called for the introduction of mechanisms similar to the bourse operator’s circuit breakers for cryptocurrency exchanges, citing the absence of such systems as a key factor behind a recent erroneous payment incident.In February, Bithumb attempted to distribute bitcoin worth about 620,000 won (US$460) as prizes for a customer event, but accidentally ended up distributing 620,000 bitcoins worth about 60 trillion won due to an employee input error, …
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Seoul, Feb 10 (IANS) Financial authorities began a formal investigation on Tuesday into Bithumb, a local crypto exchange, to determine how it was able to pay out over 60 trillion won ($41.2 billion) in bitcoins it apparently did not have, industry sources said.Regulators informed the crypto exchange Monday that an investigation will be conducted, three days after they conducted an on-site inspection, according to the sources, reports Yonhap news agency.”We are taking this case very seriously,” a…
Seoul, Feb 8 (IANS) Bithumb, one of South Korea’s crypto exchanges, said on Sunday it will reimburse customers who suffered losses from panic selling triggered by an internal transfer error last week.The cryptocurrency exchange mistakenly transferred 620,000 bitcoins to 249 users participating in a promotional event around 7 p.m. Friday, reports Yonhap news agency.That amounted to an average of 2,490 bitcoins worth 244 billion won ($166 million) per user. Some recipients sold the bitcoin, causin…