✅Financial authorities to report to National Assembly tomorrow on Bithumb incident… Regulatory tightening begins in earnest Financial authorities will formally report to the National Assembly's Political Affairs Committee on the 10th regarding Bithumb's 60 trillion won Bitcoin overdraft incident. This incident is expected to spark discussions on strengthening regulations, aiming to regulate exchanges on a par with financial institutions. 🔍 Reporting Schedule and Scope • Financial Services Commission and Financial Supervisory Service → Report to the Political Affairs Committee on the 10th • Comprehensive report on the circumstances, current status, and user impact of the incident • Possibility of a plenary session of the Political Affairs Committee or high-level ruling party-government consultations led by the ruling party ✅ Directions for Strengthening Regulations • Considering additional regulations on exchanges under the Digital Asset Basic Act • Promoting mandatory internal control standards similar to those for financial companies • Establishing a ledger-holding virtual asset verification system • Introducing multi-verification procedures and human error control mechanisms ✅ Authorities' Message • Financial Services Commission: Ordered a comprehensive review of all exchanges' internal controls • "Absurd situation where incorrectly entered data is traded and cashed out" • Failure to resolve system issues could lead to licensing risks • Incorporation into the system is impossible without addressing 'ghost coins' and system issues ✅ Key Issues • 2,000 BTC misdelivered during a 2,000 won event payment process • Electronic deposits exceeding 10 times the company's holdings → Controversy over ghost coins • The core issue is a system flaw that allowed transactions without controls Issues 🔸 Original Article #Bithumb