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.
Summary
- The Bank of Korea is urging the government to mandate trading curbs on cryptocurrency platforms to prevent market destabilization caused by operational failures.
- The central bank reports that the lack of internal controls led to a February incident where Bithumb accidentally distributed $42 billion in Bitcoin due to a clerical error.
- New regulatory proposals suggest that exchanges should implement automated…
