MTN News reported that the Financial Supervisory Service (FSS) has initiated sanction procedures against Bithumb in connection with the recently occurred 'ghost coin' incident. Based on the Virtual Asset User Protection Act, the FSS confirmed that Bithumb's failure to match actual holdings with ledger quantities was the reason for the sanctions. It appears that a violation of the ledger keeping obligation was applied, as there is no direct legal basis under current law to punish inadequate internal controls. At the time, Bithumb erroneously generated 620,000 Bitcoins on its ledger, more than 13 times its internal circulating supply, due to an event reward input error. The fact that one assistant-level employee handled the procedure alone, leading to a breakdown in internal controls, is cited as the core of the incident. The industry notes the application of a violation of the ledger keeping obligation instead of inadequate internal controls amid regulatory gaps, viewing it as a human error similar to Samsung Securities' 'ghost stock' incident in the past.
