My dear, what a perfectly preposterous predicament South Korea’s financial authorities find themselves in! It appears they’ve been rather busy inspecting teacups while the Bitcoin pot boiled over at Bithumb. How utterly diverting!
Despite the Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) playing the role of vigilant nannies, a single employee managed to send the crypto world into a tizzy. Darling, it’s enough to make one question whether these inspections were more theatrical than thorough.
Bithumb’s Crypto Farce
According to the ever-charming Rep. Kang Min-guk, the FSC and FSS were as frequent as uninvited guests, yet they missed the elephant in the room-or should I say, the Bitcoin in the ledger? How quaint!
On the fateful day of February 6, Bithumb decided to outdo Santa Claus by gifting users 2,000 BTC each instead of a paltry 2,000 won. A mere slip-up, you say? Well, it resulted in a fictitious distribution of 620,000 bitcoins-a sum that makes their actual holdings look like pocket change. How embarrassingly generous!
The Korea Times reports that lawmakers are now clutching their pearls, decrying the lack of internal controls and regulatory oversight. Rep. Han Chang-min, ever the wit, suggests the inspections were as effective as a sieve-and now everyone’s pointing fingers like a game of musical chairs.
The FSS, bless their hearts, has extended their probe (how dramatic!) and is now sniffing around for AML violations and system flaws. Meanwhile, Bithumb’s CEO, Lee Jae-won, admits to prior oopsies-smaller errors, darling, but errors nonetheless. How charming!
In a stroke of theatrical urgency, an emergency team is now scrutinizing other exchanges like Upbit and Coinone. One can only hope they’re more eagle-eyed than their predecessors. The results, they say, will shape crypto legislation. How riveting!
Lost and Found: A Hacker’s Tale
And just when you thought the plot couldn’t thicken, along comes the Gwangju District Prosecutors’ Office with a tale of lost Bitcoin. Apparently, 320.8 bitcoins seized from a criminal case went missing-only to be voluntarily returned by the hacker. How sporting of them!
The coins, originally confiscated from a couple’s gambling escapades, were lost when prosecutors stumbled into a phishing site. How clumsy! But fear not, the hacker couldn’t cash out, and the funds are safely back in the authorities’ wallet. A happy ending, if ever there was one.
Authorities, of course, are now on high alert, tracking the hacker like a hound after a fox. How exhausting!
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2026-02-23 01:02