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The Bithumb company logo is seen as a pedestrian walks by the Bithumb Lounge in Gangnam District, southern Seoul, on Feb. 12. [NEWS1] The Financial Supervisory Service (FSS) has extended its inspection of cryptocurrency exchange Bithumb through the end of February following the mistaken payment of 60 trillion won ($41 billion) in Bitcoin tokens, as authorities weigh the possibility of additional erroneous payouts. The inspection, initially scheduled to conclude last Friday, will now continue until the end of the month, financial authorities said Thursday. Related ArticleBithumb promises payback to users hit by system mishapBithumb's $44 billion blunder lands entire digital asset ecosystem in the hot seatFinancial watchdog moves to fully investigate Bithumb after Bitcoin mishap Although FSS Gov. Lee Chan-jin told lawmakers during a National Assembly session that he expected to receive the results last week, the watchdog decided further review was necessary given the scale of the incident. The FSS has increased its inspection team to eight members and is examining whether Bithumb met its obligations to protect users and comply with anti-money laundering rules. The review centers on the IT system structure that enabled virtual assets not actually held by the exchange to be paid out, the reconciliation process between internal ledgers and digital wallets and the procedures for verifying asset holdings. Bithumb had previously been advised to improve its internal controls. During an on-site consulting process in 2024, the exchange was found to have insufficiently accumulated and managed blockchain data needed to verify consistency between ledger records and wallet balances, according to materials the FSS submitted to Rep. Min Byoung-dug of the Democratic Party. Despite that assessment, the Financial Services Commission and the FSS carried out six inspections and examinations between 2021 and 2025 without identifying the IT flaw that allowed erroneous entries. This has led to questions about the responsibility of supervisory authorities. Lee Jae-won, CEO of Bithumb, left, answers questions from lawmakers during an emergency National Assembly session at the National Assembly in Yeouido, western Seoul, on Feb. 11. [YONHAP] “There were two previous cases in which coins were mistakenly paid out and later recovered, but the amounts were minimal,” said Lee Jae-won, CEO of Bithumb, during an emergency National Assembly session on Feb. 11. Industry sources, however, said there had been several other suspected instances of mistaken payouts, adding that those cases involved different system errors and did not include the issuance of so-called “ghost coins,” meaning digital assets exceeding actual holdings. Financial authorities plan to reexamine all past erroneous payout cases as part of the ongoing inspection. Separately, an emergency response team formed by financial authorities and the Digital Asset eXchange Alliance (DAXA) began inspections on Feb. 11 of five major exchanges — Bithumb, Upbit, Coinone, Korbit and Gopax — to assess their asset verification systems and overall internal controls. Any deficiencies identified are expected to be reflected in strengthened self-regulatory measures by DAXA and in the second phase of virtual asset legislation, officials said. This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.BY JEONG JAE-HONG [lim.jeongwon@joongang.co.kr]