Bithumb Acknowledges Significant Vulnerabilities in Internal Systems

Bithumb's CEO reveals critical weaknesses in security protocols after a massive bitcoin mishap. Over $40 billion was mistakenly sent to customers but most has been recouped.

The prominent South Korean cryptocurrency exchange, Bithumb, has come forward to acknowledge serious shortcomings within its internal systems. According to CEO Le Jae-won, the absence of adequate controls contributed to a significant error that resulted in the transfer of bitcoin valued at over $40 billion to its customers.

Fortunately, the majority of these funds have been retrieved, but the incident raises alarming questions about the security measures in place at one of the largest crypto trading platforms in the nation.