As Bithumb caused an incident in which it would pay out 620,000 bitcoins worth 62 trillion won, it turned out the financial authorities failed to find system flaws even after checking and inspecting Bithumb six times over the past five years.
According to materials titled '2021–2025 Bithumb inspection and examination details' submitted by the Financial Services Commission and the Financial Supervisory Service to the People Power Party lawmaker Kang Min-guk's office on the 12th, the Financial Services Commission looked into Bithumb three times, once in 2022 and twice in 2025. The Financial Supervisory Service conducted two ad hoc examinations and one check, for a total of three inspections and examinations during this period.
The reason Bithumb was able to say it would pay more than 10 times the bitcoin it held was a computer system that allowed erroneous entries. Despite multiple examinations, the financial authorities did not catch the structural flaw that allowed a single working-level employee's click to trigger a massive coin payout.
It also turned out that quite a few people moved from the Financial Supervisory Service to Bithumb. According to the 'virtual asset exchange reemployment status' submitted by the Financial Supervisory Service to Kang's office, a total of 16 former Financial Supervisory Service employees have moved to virtual asset exchanges from 2021 to the present, seven of whom were reemployed at Bithumb.
Kang said, "There is room for the public to misunderstand regarding the credibility of the examinations."