✅Aftershocks of the 'Bithumb Incident'… Lee Won-won: "Internal Controls Reviewed at All Exchanges" Following the large-scale Bitcoin mistransaction incident at Bithumb, a domestic virtual asset exchange, financial authorities have begun strengthening internal controls and improving systems across all exchanges. 🔍 Summary • Financial authorities to conduct comprehensive internal control inspections of all virtual asset exchanges • Considering the introduction of financial company-level internal control standards in conjunction with the Virtual Asset 2-Step Act • Mandatory regular verification of virtual asset holdings by external agencies • Reviewing no-fault liability regulations for exchanges in the event of user damage due to computer system failures 💠 Overview of the Bithumb Mispayment Incident • On the evening of the 6th, a unit input error occurred during the payment of rewards for the "Random Box" event. • "Won" was incorrectly entered as "Bitcoin." • A total of 620,000 won → 620,000 BTC was mispaid to 249 people. • Immediate transaction blocking, with an estimated customer loss of approximately 1 billion won. ✅ Emergency Inspection Meeting • An emergency inspection meeting was held at the Seoul Government Complex at 3:00 PM on the 8th. • The Financial Services Commission, FIU, Financial Supervisory Service, and the Digital Asset Exchange Association (DAXA) participated. • An emergency response team is in operation to prepare follow-up measures for the Bithumb incident. ✅ Inspection Points • When making payments, the ledger and Verification system for virtual assets held in real-time • Multi-verification procedures and measures to prevent human error • Structural vulnerabilities in the internal control system ✅Future measures • Rapid internal control review of all exchanges led by DAXA • On-site inspections by the Financial Supervisory Service based on the results • Institutional and structural improvements promoted through the Phase 2 Virtual Asset Management Act ✍️ This incident has strengthened the understanding that virtual asset exchanges should be managed as financial infrastructure, not simply platforms. It will be important to pay attention to the market impact of the increased regulatory intensity and operational burden of exchanges under the Phase 2 Act. 🔸 Related Articles #Bithumb #Trading