South Korea probes Bithumb over 60T won Bitcoin payout error

South Korean financial authorities have launched an on-site inspection into the crypto exchange Bithumb following a massive Bitcoin mispayment incident, The Hankyoreh reported. An official stated that the authorities are taking the matter very seriously due to the large scale of the damages and plan to thoroughly investigate the cause of the accident. The incident occurred yesterday around 10:00 a.m. UTC. While attempting to distribute event prizes worth between 2,000 and 50,000 won to 695 customers, an employee mistakenly entered the payment unit as BTC instead of won. This resulted in users receiving at least 2,000 BTC each. The price of BTC on Bithumb subsequently plummeted. Bithumb stated that it immediately blocked trading and withdrawals for the affected accounts and has since recovered 618,212 BTC, or 99.7% of the misallocated funds.