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South Korea crypto exchange Bithumb says system flaws led to $40 billion error
South Korea's Bithumb said on Wednesday that serious flaws had left the crypto exchange's internal system susceptible to potential sabotage and failed to prevent an erroneous transfer of more than $40 billion in assets last week. The country's second-largest virtual asset exchange said it accidentally gave away about 620,000 bitcoins to customers during a promotional event, instead of 620,000 won ($426), triggering a 17 per cent slump in bitcoin's price. Bithumb CEO Lee Jae-won said the giveaway amounted to 15 times the exchange's holding of 42,000 bitcoins, largely because a lag of about 24 hours in processing ... (full story)
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