South Korea Crypto Exchange Inspections Widen After Bithumb Glitch

South Korea crypto exchange inspections were widened as regulators launched on-site checks of major platforms days after Bithumb mistakenly credited customers with 620,000 so-called ghost bitcoins.

An emergency task force comprising regulators and the Digital Asset Exchange Alliance will inspect Upbit, Coinone, Korbit and Gopax, focusing on asset-verification procedures and internal controls, authorities said in a report to the National Assembly.

The Financial Supervisory Service also upgraded its review of Bithumb to a full-scale inspection, and officials signalled exchanges may be pushed to adopt bank-like control systems as the incident feeds into the next phase of South Korea’s virtual-asset legislation.