South Korea watchdog says tougher crypto rules needed after unintentional $50 billion giveaway
SEOUL – South Korea’s financial market watchdog said on Feb 9 local exchange
Bithumb’s unintentional giveaway of more than US$40 billion
(S$50.8 billion)
in bitcoin
to customers raises the need for tougher regulations to address the vulnerabilities of cryptocurrencies.
The cryptocurrency exchange said on Feb 7 it had accidentally given away the bitcoin to customers as promotional rewards, triggering a sharp sell-off on the exchange.
Mr Lee Chan-jin, governor of the Financial Supervisory Service (FSS), told a press conference that there was a need for improved regulatory mechanisms to address such risks, adding that the authorities will seriously consider the problems revealed by the incident as they seek to bring digital assets…
