Bithumb exec sent $46B without approval amid control failure

An assistant manager at South Korean crypto exchange Bithumb single-handedly processed a 60 trillion won payment without internal verification, part of a larger incident involving tens of trillions of won in mistaken Bitcoin disbursements, Edaily reported. Speaking at a National Assembly's National Policy Committee hearing today, Rep. Min Byoung-dug, chairman of the ruling Democratic Party's Digital Asset Task Force, described the situation as one where "a single assistant manager-level employee effectively paid out 60 trillion won." He characterized the event as a complete collapse of internal controls, which allowed assets the exchange did not possess to be created on its books. During the same hearing, Bithumb CEO Lee Jae-won revealed that two other, smaller mistaken payment incidents had occurred previously. He stated that these cases were communicated to the company's audit department and that the funds were successfully recovered.