Bithumb's $ 44B Bitcoin Error waxaa loo yaqaan 'Centralized Exchange Design'

6 February, 2026 oo ka mid ka mid ah 7:00 oo ka mid ah Seoul, aasaasay ee Bithumb, warshadaha cryptocurrency ugu badan ee South Korea, ayaa loo isticmaali karaa si ay u qiyaasta warshadaha warshadaha. Markaas oo dhan, 620,000 BTC waxaa lagu soo bandhigay in ka mid ah macluumaadka macaamiisha oo ka mid ah mid ka mid ah 3% ka mid ah 21 million of Bitcoin. https://x.com/conorfkenny/status/2020801266230690267?s=20&embedable=true Bithumb ayaa ka mid ah in ay ka mid ah 42 619 BTC oo ka mid ah $ 44 bilyan.Bithumb ayaa ka mid ah in ay ka mid ah 46,619 BTC oo ka mid ah 2024. Markaas ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah. Markaas ka mid ah 1,788 BTC ka mid ah buugga Bithumb ka dib markii buugga ka mid ah macluumaadka ah. Price Bitcoin on the platform ka mid ah 17% in mid ka mid ah mid ka mid ah mid ka mid ah 81 million won ($55,000) oo ka mid ah macluumaadka kale ka mid ah $68,000. By 7:40 pm, mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah. https://x.com/lookonchain/status/2019751187646402923?s=20&embedable=true Blockchain waxay ka hortago. No transactions on the chain waxaa laga yaabaa. shuruudaha global ee Bitcoin waa 19.6 million. Markaas, oo ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah. Bithumb wuxuu ku yidhi waxa uu ku yaalaa 99.7% ee BTC-ka ah oo ku yaalaa wax soo saarka ah. Qalabka waaweyn. Markets ku yaalaa. regulators South Korean la aasaasay dhismaha dhismaha dhismaha ah. Sida loo yaabaa, waxaa laga yaabaa in ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah. Ma rabtaa in ay ku yaalaa? Waxaa laga yaqaan hack. Bithumb waxaa la soo bandhigi karaa. No private keys was stolen. No malicious code was executed. Shuruudaha waxay ku yaalaa in ay ku yaalaa "BTC" oo "KRW" waxay ku yaalaa. Qalabka 620,000 ayaa ku caawinay. Ma ahaatee, waxaa laga yaabaa in ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah. Bithumb's internal ledger, dhismaha oo loo yaqaan 'database that tracks what users see when they log in into their accounts', ayaa ka heli karaa in la xiriira. Waxaa la soo xigtay in ay ku saabsan 620,000 Bitcoins. Waxaa la yaabaa in ay ku yaalaa in ay ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah. Markaas oo ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah. Markaas oo ka mid ah wax soo saarka, waxaa laga yaabaa in ay ka mid ah wax soo saarka iyo wax soo saarka. Waayo, 20 toddobaad ka mid ah in ay ka mid ah shuruudaha. Bitcoins waxaa loo yaqaan "fake" in ay ka mid ah wax soo saarka Photoshopped waa fake. Sida loo yaqaan "Bithumb's trading engine" waxaa laga yaqaan "Bithumb's balances" waxaa laga yaqaan "Bithumb's balances" iyo "Bithumb's balances" iyo "Bithumb's balances were legitimate. Users could place sell orders. The order book matched them with buy orders. Trades executed. Prices moved. The market reacted to the supply that existed only in a database, not on the blockchain. Na Kyung-won ayaa ku yaalaa in la yaab leh, oo ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa. Na Kyung-won ayaa ku yaalaa in la yaab leh, oo ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa. Waxaa laga yaabaa in ay ka mid ah shuruudaha iyo shuruudaha, oo ka mid ah shuruudaha. Qalabka Samsung Shadow Waxaa laga yaqaan 'Rodeo' ah ee South Korea oo loo yaqaan 'Fantom Assets' oo loo yaqaan 'Input Errors'. Samsung Securities, mid ka mid ka mid ah macluumaadka ugu badan ee dalka, waxay ka caawinaysaa xisaabinta ka mid ah shuruudaha xisaabinta xisaabinta xisaabinta xisaabinta xisaabinta xisaabinta. 8 aprilli 2018 Shirkadda ayaa ka soo xigtay 2,83 bilyan shirkadda. Waa 30 maalmood ka mid ah macluumaadka market ah ee Samsung Securities. shuruudaha phantom waa mid ka mid ah 112.6 trillion won, oo ay ka mid ah $ 105 bilyan on paper. 30 maalmood ka dib markii uu ka mid ah dhismaha. Markaas ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid The National Pension Service (NPIS), waxa uu ka mid ah shuruudaha ugu badan ee South Korea, ayaa ka mid ah ka mid ah shuruudaha, iyo Shuruudaha Financial Supervisory (FSA) ayaa ka soo bandhigay si ay ka mid ah shuruudaha ah oo ka mid ah shuruudaha, oo ka mid ah shuruudaha ka mid ah shuruudaha iyo shuruudaha, oo ka mid ah shuruudaha iyo shuruudaha, waxay ka mid ah shuruudaha. Markaasadda Bithumb waa mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid Sida loo yaqaan "Bithumb" waxaa loo yaqaan "Samsung Securities' error" oo ka mid ah "Korea Exchange" iyo "Korea Securities Depository" waxaa ka mid ah "Samsung Securities' error" oo ka mid ah "Korea Securities Depository" iyo "Korea Securities Depository". Bithumb waxay ku yaalaa dhismaha ku saabsan dhismaha. platform ha ahaatee, dhismaha waxay ku yaalaa dhismaha ku saabsan dhismaha blockchain, sidaas dhismaha waxay ku yaalaa mid ka mid ah dhismaha. Sida loo yaqaan "Bithumb Incident" waxaa loo yaqaan "Bithumb Incident" waxaa loo yaqaan "Bithumb Incident" oo loo yaqaan "Bithumb Incident" oo loo yaqaan "Bithumb Incident" oo loo yaqaan "Bithumb Incident". Sida loo yaqaan 'Centralized exchanges operate on internal ledgers that can deviate from on-chain reality without anyone outside the exchange noticing until something breaks publicly', waxaa loo yaqaan 'Centralized exchanges operate on internal ledgers that can deviate from on-chain reality without anyone outside the exchange noticing until something breaks publicly'. The Ledger Problem: Sida loo yaqaan 'Centralized exchanges are banks that print their own money' Sida loo yaabaa, waxaa laga yaabaa in ay ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah. Sida loo yaqaan 'Coinbase', 'Binance', 'Kraken', 'Bithumb', 'Bithumb', 'Coinbase' iyo 'Bitcoin' waxaa laga yaqaan 'Coinbase' iyo 'Bitcoin' waxaa laga yaqaan 'Coinbase' iyo 'Bitcoin' waxaa laga yaqaan 'Coinbase', 'Bitcoin' iyo 'Bitcoin'. Marka aad u baahan yahay in aad u baahan yahay in aad u baahan yahay in aad u baahan yahay in aad u baahan yahay in aad u baahan yahay in aad u baahan yahay in aad u baahan yahay in aad u baahan yahay in aad u baahan yahay in aad u baahan yahay in aad u baahan yahay in aad u baahan yahay. Waayo, waxa uu ku yaalaa in la soo xiriir oo aad u aragto "0.5 BTC" in aad account, aad u aragto in Bitcoin. Waxaad u aragto in aad database entry. A dhismaha. A IOU. Exchange wuxuu ku yidhi waxa uu ku yaalaa in aad 0.5 BTC. Haddii ay ku yaalaa 0.5 BTC ku yaalaa in reserve si ay u aragto in ay ku salaysan waa in aad ku iibsanay. Marka aad iibsaday in ay ka mid ah wax soo saarka, wax soo saarka, wax soo saarka, wax soo saarka, wax soo saarka, wax soo saarka, wax soo saarka, wax soo saarka, wax soo saarka, wax soo saarka, wax soo saarka, wax soo saarka, wax soo saarka, wax soo saarka, wax soo saarka, wax soo saarka, wax soo saarka, wax soo saarka, wax soo saarka, wax soo saarka, wax soo saarka, wax soo saarka. Shuruudaha waxaa laga yaabaa in ay ka mid ah shuruudaha ugu fiican ee shuruudaha ugu fiican ee shuruudaha ugu fiican ee shuruudaha ugu fiican ee shuruudaha ugu fiican ee shuruudaha ugu fiican ee shuruudaha ugu fiican ee shuruudaha ugu fiican ee shuruudaha ugu fiican ee shuruudaha ugu fiican ee shuruudaha ugu fiican ee shuruudaha ugu fiican ee shuruudaha ugu fiican ee shuruudaha ugu fiican ee shuruudaha ugu fiican ee shuruudaha ugu fiican ee shuruudaha ugu fiican ee shuruudaha ugu fiican ee shuruudaha ugu fiican ee shuruudaha ugu fiican ee shuruudaha ugu fiican ee shuruudaha. Blockchain waxaa laga yaabaa in laga yaabaa kaliya ka dib markii aad qaadi karaa. Waxaa laga yaabaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa. Sida loo yaqaan 'Bitcoin' waxay ku yaqaan 'Bitcoin' oo ka mid ah 'Bitcoin' oo ka mid ah 'Bitcoin' oo ka mid ah 'Bitcoin' oo ka mid ah 'Bitcoin' oo ka mid ah 'Bitcoin' oo ka mid ah 'Bitcoin'. Bithumb waxaa lagu soo bandhigay in la mid ah oo aan la mid ah oo aan la mid ah in la mid ah oo aan la mid ah oo aan la mid ah in la mid ah. Platform ayaa la mid ah 42,619 BTC. Bookmark-ka ah ayaa ka mid ah 620,000+ BTC ee qalabka macaamiisha. Waa 14,5x ka mid ah. Sida loo yaqaan 'System' waxay ku yaalaa. Shanaka Anslem Perera, aasaas ah oo loo isticmaalaa in ay ku saabsan dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha Shanaka Anslem Perera, aasaas ah oo loo isticmaalaa in ay ku saabsan dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha Markaas ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ah mid Qalabka Regulatory Warshadaha South Korean waxay ka soo xigtay in ay ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah. 7 February, Commission of Financial Services (FSC), Financial Supervisory Service (FSS), iyo Financial Intelligence Unit (FIU) ayaa la soo bandhigay in la dhismaha dhismaha dhismaha. FSS Guverner Lee Chan-jin wuxuu sheegay on 9 February oo ah in ay la aasaasay shuruudaha xirfadeed ee "maqaaraha sare ah" ee shuruudaha macluumaadka virtual, oo ku saabsan nidaamka nidaamka qiyaasta ah ee shuruudaha, shuruudaha IT, iyo dhismaha shuruudaha. Bithumb waxaa lagu soo bandhigay "waxanka dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha Bithumb waxaa lagu soo bandhigay "waxanka dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha Si kastaba ha ahaatee, waxa uu ku yaalaa in ay ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah. Warshadaha waxaa laga yaabaa in ay ku saabsan Bithumb. Shuruudaha waxaa laga yaabaa in ka mid ah shuruudaha kale oo ka mid ah macluumaadka waxaa loo yaabaa, iyo FSS waxay ku habboonayaan si ay u qiyaasta Bithumb ka mid ah fazaanka ah ee shuruudaha macluumaadka ee South Korea, kharashka qiyaasta ah oo ay ku habboonay macluumaadka macluumaadka. Kim Jiho, caadiga ah ee Partiyada Democratic ee ku yaalaa, wuxuu ku yidhi, wax ka mid ah "waxanka dhismaha ee shuruudaha qiyaasta iyo shuruudaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha dhismaha". Lee Chan-jin ayaa ka soo xigtay in ay ku yaalaa in ay ka mid ah wax soo saarka ah oo ka mid ah wax soo saarka ah oo ka mid ah wax soo saarka. Shuruudaha waxaa laga yaabaa in ay ka mid ah wax soo saarka ah oo ka mid ah wax soo saarka ah oo ka mid ah wax soo saarka ah oo ka mid ah wax soo saarka. "unjust enrichment" The legal basis: Bithumb's promotional materials explicitly stated rewards would range from 2,000 to 50,000 won. Recipients of 2,000 BTC could reasonably have known the funds were not rightfully theirs. Bithumb waa mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah. Shuruudaha wuxuu ku yidhi waxa uu ku yaalaa 99.7% ee Bitcoin ah, laakiin ka mid ah 125 BTC ah oo ku saabsan 13 bilyan won waxaa ka mid ah. Waayo, oo ka mid ah 3 bilyan won oo ka mid ah oo ka mid ah 3 bilyan won oo ka mid ah 10 bilyan won oo ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah. Shuruudaha ugu soo saarka ayaa ku yidhi, "Bithumb waa soo xiriir users individually to seek repayment through voluntary cooperation on a case-by-case basis." If that fails, the next step is civil lawsuits seeking restitution of unjust gains. Sida loo yaqaan "Proof of Reserves" waxaa laga yaqaan "Proof of Reserves" waxaa laga yaqaan "Proof of Reserves". Sida loo yaabaa FTX ee 2022, warshadaha ayaa ka mid ah Proof of Reserves oo ka mid ah dhismaha dhismaha. Qalabka waaweyn oo ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid Waxaa laga yaabaa in ay ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah. Shuruudaha ugu horeysay ee loo yaqaan 'Bitcoin Ghost' waa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa. Nic Carter, wax soo saarka ugu horeysay ee methodology PoR, wuxuu ku yaalaynay in ay ka mid ah wax soo saarka ah oo ka mid ah wax soo saarka dayactirka dayactirka dayactirka dayactirka dayactirka dayactirka dayactirka dayactirka dayactirka dayactirka dayactirka dayactirka dayactirka dayactirka dayactirka dayactirka dayactirka dayactirka. Markaas oo ka mid ah Waayo, waxaa laga yaabaa in ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid Qalabka Double-Helix (2025) Qalabka ugu horeysay waa arkiiska. Waayo, CEX waa la isticmaalaa in aad u isticmaalaa in aad isticmaalaa in aad isticmaalaa in aad isticmaalaa in aad isticmaalaa in aad isticmaalaa in aad isticmaalaa in aad isticmaalaa in aad isticmaalaa in aad isticmaalaa in aad isticmaalaa in aad isticmaalaa in aad isticmaalaa. Sida loo yaqaan "Crypto's Next Phase" Bithumb ayaa ku yaalaa in ay ku yaalaa operational, laakiin waxa uu ku yaalaa strategically. Shirkadda Crypto waa mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah. Shirkadda Crypto-assets (MiCA) regulation ee European Union ayaa ku habboon karo in 2024. The U.S. waa shuruudaha ku habboon ah stablecoin. South Korea waa ee fasaasi ah ee shuruudaha digital. Dhismaha ugu badan oo ku yaaladaha iyo shuruudaha ayaa ku yaalaa in ay ku yaalaa in ay ka mid ah shuruudaha kala duwan oo ka mid ah mid ah macluumaadka, oo ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah. Bithumb wuxuu ka soo xigtay in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa. Shuruudaha ha ahaatee, waxaa laga yaabaa in ay ka mid ah ka mid ah wax soo saarka ah oo ka mid ah wax soo saarka. Markaas oo ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah. Waxaa laga yaabaa in ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah. Bithumb CEO Lee Jae-won ka soo dhawriyaan adeegga kharashka ah oo ku yaalaynay dhismaha kala duwan ee nidaamka nidaamka nidaamka. Platform waxaa loo yaabaa in ay loo helo 100 bilyan (~ $ 68 million) kharashka adeegga macaamiisha (~ $ 68 million) si ay u helo ka mid ah dhismaha macaamiisha ka mid ah dhismaha macaamiisha ka hor. Waxay ku bixiyaan 110% kharashka macaamiisha ah oo la iibsanay Bitcoin ka mid ah qiimaha dhismaha ah, si ay u hesho 20,000 won ka mid ah macaamiisha ah oo ka hor, iyo si ay u qiyaasta kharashka macaamiisha oo dhan ka mid ah dhismaha ka mid ah ka badan 7 maalmood. Waxaa laga yaqaan "Ledger Problem" waxaa laga yaqaan "Ledger Problem". Waxaa laga yaabaa in ay ka mid ah wax soo saarka ah ee loo yaabaa. Qalabka regulator ee South Korea FSS waxay ka soo xigtay in ay ka mid ah wax soo saarka ah oo ka mid ah wax soo saarka ah oo ka mid ah wax soo saarka iyo wax soo saarka iyo wax soo saarka iyo wax soo saarka. Sidaas ka mid ka mid ah Bithumb, oo ku yaalaa, oo ku yaalaa, oo ku jira mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ah mid ka mid ah mid ah mid ka mid ah. Qiyaasta waa, oo ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ah mid ka mid ah. Qiyaastii waa in la soo xiriir in la soo xiriir. Shirkadda Crypto waxaa laga yaabaa in ka mid ah wax soo saarka sida this: "waxankaagaagaaga, ma aha oo aan ka mid ah wax soo saarka." Waxaa laga yaabaa in ay ku saabsan technology iyo strategically ineffective. Shuruudaha ugu badan ee macaamiisha crypto, macaamiisha cusub, shuruudaha, shuruudaha xirfadeed, waxay ka mid ah xusuusaha. Qalabka dhismaha waaweyn oo ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa in ay ku yaalaa. If crypto is going to scale, CEXs waa in la shaqeeyaan. Waxaana waa in la xayawaanka oo la xayawaanka. Bithumb Incident waa shuruudaha qorshaha. Shuruudaha Bitcoin waxay ku yaalaa. Blockchain waxay ku yaalaa. laakiin warshadaha ugu badan oo isticmaalka waa la soo bandhigay in ay ku yaalaa in ay loo soo saarka macluumaadka phantom, iyo shuruudaha tayada waa mid ka mid ah caawin. Markaas ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah. Waxaad ka mid ah ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah mid ka mid ah. Qalabka dhismaha ugu horeysay ee ay ka mid ah wax soo saarka ah oo ka mid ah wax soo saarka iyo wax soo saarka ah oo ka mid ah wax soo saarka iyo wax soo saarka. The ghost Bitcoin waa ka mid ah. The vulnerability that created it is still here. Waayo, ka dib markii ay ku dhigi karaa in Proof of Reserves waa in aad u baahan, laakiin in aad u baahan tahay, iyo in aad u baahan tahay in aad u baahan tahay in aad u baahan tahay in aad u baahan tahay in aad u baahan tahay in aad u baahan tahay in aad u baahan tahay in aad u baahan tahay in aad u baahan yahay.