Bank of Korea calls for ‘circuit breaker’ in local crypto market, citing Bithumb incident
The Block
The Bank of Korea recommends implementing circuit breakers in crypto markets following a major human error incident at Bithumb.Summary
The Bank of Korea has proposed the implementation of circuit breakers in the local cryptocurrency market to prevent severe volatility caused by human error. This recommendation follows a February incident at Bithumb, where a staff member mistakenly distributed 620,000 BTC instead of KRW as a promotion, causing a 15% price drop. The central bank highlighted a lack of adequate internal controls and regulatory oversight, urging legislators to include safeguards like transaction monitoring and trading halts in the upcoming Digital Asset Basic Act.
(Source：The Block)