[Digital Today reporter Hyunwoo Chu (추현우)] Fallout from a large-scale bitcoin mispayment incident at Bithumb is spreading. Despite the company’s emergency recovery steps, some assets leaked outside, and financial authorities and parliament are signalling tighter related regulation.

• Bithumb 'mispayment incident' spreads... Lee Chan-jin: "A disastrous situation"

According to the industry, 125 BTC, worth about 13 billion won, paid out due to a system error at Bithumb on the 6th has yet to be recovered. The incident occurred during the payout process for a 'random box' event reward carried out at around 7 p.m. on the 6th. A Bithumb employee mistakenly entered the unit for rewards to be paid to 249 winners as bitcoin rather than won, resulting in 2,000 BTC being paid instead of 2,000 won per person.

As a result, a total of 620,000 BTC was issued on the system and deposited into users' accounts. At the price at the time of the incident, about 98 million won, it was worth about 60.76 trillion won. That exceeds by about 15 times the roughly 42,000 bitcoins Bithumb actually holds.

• Shock over Bithumb-origin 'book trading'... digital asset industry scrambles to contain it • Bithumb: "A deputy-level employee had sole approval for the 60 trillion won mispayment... two similar past incidents also exist"

The unprecedented bitcoin mispayment incident at Bithumb is spreading beyond a simple mishap into distrust of the overall 'book trading' system. The digital asset industry is offering active explanations and scrambling to contain the situation. It also emerged that Bithumb had two more similar mispayment incidents in the past. It was also revealed that approval authority for this incident rested with a deputy-level employee, not executives.

• Ripple's corporate value tops $50 billion... becomes the world's 9th-largest private company • Brazil approves South America's first spot XRP ETF • Ripple CEO Garlinghouse: "Ripple will grow into a $1 trillion company" • Community debate after XRPL developer says: "I'll sell everything at $27" • XRP to overtake Ethereum and even challenge bitcoin? Analyst: "Watch this cycle"

Ripple is currently in a state where rosy prospects and controversy over moral hazard coexist. Ripple Labs' corporate value has topped $50 billion, or about 72 trillion won, ranking it ninth among private companies worldwide. It proves the company has grown beyond a simple issuer into a global fintech powerhouse. CEO Brad Garlinghouse expressed confidence it will grow into a $1 trillion company, delivering a strong message to long-term investors.

Institutional adoption is also accelerating. Brazil approved South America's first spot XRP ETF, moving ahead of the United States. It is interpreted as a signal of easing regulatory risk and an influx of institutional funds. Some have even offered a bold analysis that XRP could overtake Ethereum and threaten bitcoin's dominance in this cycle.

But there is also a darker side. A recent disclosure said a specific group offered an influencer $25,000 to commission attacks on XRP, shocking the market. A key developer of the XRP Ledger also said he would sell his entire holdings if the price reaches $27, sparking fierce debate in the community over whether it is realistic.

A bold analysis has emerged that XRP could overtake Ethereum and threaten bitcoin's dominance in this upcycle. It is based on technical analysis suggesting XRP could take the lead among altcoins as in the 2017 surge. Regardless of feasibility, the claim is cited as evidence of how much energy is concentrated in XRP.

• Brazil prepares a national bitcoin strategy... to buy 1 million BTC over 5 years • Michael Saylor: "Bitcoin is not a choice but a necessity... now is the opportunity" • CEO Cathie Wood: "Bitcoin is three revolutions"... keeps strong optimism

The scale of the bitcoin market has expanded to a 'nation-level' size. Brazil is preparing a national bitcoin strategy to buy 1 million BTC over the next 5 years. If realised, it is expected to bring an unprecedented supply shock and elevate bitcoin's status as a tool to defend national monetary sovereignty.

MicroStrategy's Michael Saylor said, "Bitcoin is not a choice but a necessity," stressing it remains undervalued. Ark Invest's Cathie Wood also defined bitcoin as three revolutions in finance, the internet and an asset class, maintaining her optimism.

Tension is also running high. The market was rattled by a mysterious incident in which bitcoin worth about 200 million won was sent to a wallet address of Satoshi Nakamoto that had long been dormant. On the other hand, prominent skeptic Peter Schiff is sticking to his claim that now is the right time to sell, warning of a 50 percent plunge from the peak.

• Just when it seemed to rebound... Ethereum faces risk of falling to $1,000 • Dubai influencer goes 'all in' on Shiba Inu after selling all XRP • Expectations for U.S. rate cut rise... 23 percent of traders: "Expect cut at March FOMC"

Ethereum is being swept up in crisis talk. As technical indicators send risk signals that it could fall to the $1,000 level, concern is growing that an 'ice age' could hit the entire altcoin market.

Amid this, investors' appetite for a big hit is shifting to meme coins. A famous influencer in Dubai made a dramatic move by selling all XRP and going all in on Shiba Inu (SHIB). Shiba Inu is showing a record burn rate but its price is unmoved, and experts sometimes analyse this as a 'calm before the storm' with energy building up.

Macro variables also matter. As expectations grow for a March rate cut by the U.S. Federal Reserve, some are cautiously projecting the possibility of a resumption of a 'bull market' driven by liquidity supply.

• SEC pushes to classify crypto assets as 'non-securities'... signals market change • U.S. Clarity Act approval delayed to 2027... chances of passage 'plunge' • Trump Media re-applies for bitcoin and Ethereum ETFs... can it win SEC approval?

The regulatory environment is changing rapidly. The U.S. SEC is showing moves to pivot from its hardline response and classify cryptocurrencies as 'non-securities'. It is cited as a major positive that could resolve regulatory uncertainty, the biggest shackle on the market. Trump Media Group has also reapplied for bitcoin and Ethereum ETFs, drawing attention to whether approval can be secured through political influence.

On the other hand, there is also news of policy delays. With approval of the 'Clarity Act' aimed at regulatory clarity postponed to 2027, the foggy stagnation of the U.S. business environment is expected to persist for some time.