This post was originally published on Cointelgraph
Everything that happened in crypto news in Asia over the past seven days: Asia Express.
In this edition:
Bitcoin think tank recommends Taiwan hold BTC Drift links $285M exploit to suspected North Korean operatives Huione Group leader extradited to China Hong Kong misses March target for stablecoin licenses South Korean brokerage seeks stake in crypto exchange Coinone Bithumb’s fat thumb prompts five-minute reconciliation mandate Japan’s stock exchange keeps Bitcoin treasuries out of key index China pushes blockchain to link tax data and lending systems Bithumb’s fat thumb prompts five-minute reconciliation mandate
South Korea’s Financial Services Commission will require crypto exchanges to reconcile internal ledgers with wallet balances every five minutes.
Inspections following a payout error at Bithumb found that most platforms relied on slower checks and lacked kill switches to halt transactions in the event of discrepancies.
Bithumb accidentally distributed 620,000 phantom Bitcoin in February it did not have, after an employee mistakenly selected Bitcoin instead of Korean Won.
Bithumb mistakenly distributed 620,000 BTC despite reporting 42,031 BTC in its holdings. (Financial Supervisory Service)
Authorities will mandate automated shutdown triggers, stricter controls on high-risk manual payouts and monthly external audits.
The measures, backed by industry group DAXA,
— Read the rest of this post, which was originally published on Cointelgraph.
