The South Korean Financial Supervisory Agency investigates the Bithumb erroneous transfer incident, which may affect the regulation of virtual asset trading platforms

On February 9th, Lee Can jin, the President of the Financial Supervisory Authority of South Korea, expressed concern over the erroneous transfer incident on Bithumb, calling it a "disaster" and planning to launch a large-scale investigation into the "book trading" situation on virtual asset trading platforms. Li Canzhen pointed out that if it is confirmed that Bithumb has illegal negligence, measures will be taken in accordance with current laws, and mentioned that sanctions involving licensing rights may be implemented after the passage of the Basic Law on Digital Assets, threatening the business qualifications of the trading platform. The erroneous transfer by Bithumb involved 620000 bitcoins, far exceeding its holdings by more than 14 times, exposing the lack of a secure mechanism in place to prevent virtual assets from being used in payment transactions. The regulatory authorities have initiated on-site inspections and plan to turn them into formal investigations.