Crypto
Bithumb Faces Sanctions Over Massive Bitcoin Overpayment Error
The Financial Supervisory Service (FSS) of South Korea has initiated sanctions proceedings against Bithumb, one of the country's largest cryptocurrency exchanges.
The move comes after a system malfunction led to an erroneous overpayment of 620,000 Bitcoin, far exceeding the exchange's actual holdings of about 42,000 Bitcoin.
The FSS has sent an inspection findings notice to Bithumb, marking the first official step in a disciplinary process that could result in penalties ranging from a warning to fines or more severe administrative measures.