Bithumb CEO Grilled After Exchange Mistakenly Tries to Transfer 620,000 BTC

Published at 2026-02-11 05:15:11

On Feb. 11, 2026, Bithumb CEO Lee Jae-won faced intense questioning from South Korea’s National Assembly after the crypto exchange mistakenly tried to move 620,000 BTC—roughly $40 billion and more than 12 times the firm’s reported holdings. Lawmakers pressed the CEO on how such an outsized error could occur, highlighting apparent failures in transaction safeguards, approval workflows, and treasury reconciliations.

The incident has heightened concerns about operational risk across major exchanges and could spur tighter regulatory scrutiny, mandatory audits, and stronger custody controls. For users and counterparties, the episode risks eroding trust in exchange infrastructure and underscores the need for clearer on-chain monitoring and internal limits. Bithumb now faces pressure to explain reconciliation results, remediate control gaps, and outline steps to prevent a recurrence while regulators consider potential enforcement actions.

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