Bithumb has apologised for staff error that sent customers 620,000 bitcoins instead of 620,000 Korean won, equivalent to a few hundred US dollars. The total received by various recipients was equivalent to roughly 14 times more bitcoin than the exchange owns.
My question is: how was this even possible?
- How is it possible for one employee to send this much money?
- Was there no approval process, and if so, why was that much Bitcoin in hot wallets?
The root cause is not a human error. The root cause is poor processes.