South Korea begins sanctions process against Bithumb over Bitcoin overpayment

South Korea’s Financial Supervisory Service has sent an inspection findings notice to Bithumb, formally beginning sanctions procedures over a large-scale erroneous Bitcoin overpayment incident, Newsis reported. The regulator plans to draft final disciplinary measures after receiving Bithumb’s explanation, then determine the level of sanctions through a prior notice process and a review by its sanctions deliberation committee. Earlier this year, Bithumb sparked major controversy after a system error led to the erroneous overpayment of 620,000 Bitcoin, far exceeding the roughly 42,000 Bitcoin it actually held.