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South Korea orders real-time crypto checks after $56B Bithumb error

South Korea orders real-time crypto checks after $56B Bithumb error

The South Korean central bank has called for cryptocurrency exchanges to implement their own “circuit breakers” to pause trading and prevent market panic after a clerical error at Bithumb led to the accidental transfer of $42 billion in Bitcoin to its customers.

 The Bank of Korea (BOK) stated in a payments report released Monday that officials should adopt trading curbs modeled after the Korea Exchange to freeze activity during sudden price swings, News.Az reports, citing Crypto.news.

This recommendation follows a massive clerical error in February, where Bithumb, one of the country’s largest platforms, accidentally distributed over $40 billion in Bitcoin to its…

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