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Crypto

Bithumb \'book trading\' shock sends digital asset industry scrambling to contain fallout

An unprecedented mistaken bitcoin payout at Bithumb is spreading beyond a one-off incident into broader distrust of “book trading,” a system that records transactions on internal ledgers before moving assets. Industry officials and experts say the method itself is not the issue, but verification is. Rival exchanges Upbit and Coinone have outlined real-time cross-checking and monitoring systems to prevent mismatches. South Korea’s National Assembly plans an emergency hearing on Feb. 11.

Crypto

Bithumb former chief gets suspended prison term on appeal over alleged listing kickbacks

A South Korean appeals court on Sunday reduced the sentence of former Bithumb Holdings chief Lee Sang-jun (이상준), who had received a prison term in a first trial over allegations of taking illegal fees in return for listing cryptocurrencies. The court gave him two years in prison, suspended for three years, and ordered forfeiture of 11,525,000 won. It acquitted former professional golfer Ahn Sung-jae (안성재) and reduced the sentence of a businessman identified only as Kang.