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South Korea watchdog says tougher crypto rules needed after $40 billion giveaway
South Korea's financial market watchdog said on Monday local exchange Bithumb's unintentional giveaway of more than $40 billion in bitcoin to customers raises the need for tougher regulations to address the vulnerabilities of cryptocurrencies. The cryptocurrency exchange said on Saturday it had accidentally given away the bitcoin to customers as promotional rewards, triggering a sharp selloff on the exchange. Lee Chan-jin, governor of the Financial Supervisory Service, told a press conference that there was a need for improved regulatory mechanisms to address such risks, adding that authorities will seriously ... (full story)
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