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The Bank of Korea suggests introducing a circuit breaker mechanism in the cryptocurrency market due to the Bithumb operational error incident
The Bank of Korea stated in its latest payment and settlement report that it recommends introducing a "circuit breaker mechanism" similar to that of the stock market in the local cryptocurrency market to address the risks of extreme price fluctuations. The report noted that South Korea's Bithumb mistakenly transferred about 620,000 BTC (worth approximately $4.3 billion at the time) due to operational errors, causing the BTC/KRW trading pair on the platform to temporarily drop by about 15%, resulting in user losses. The Bank of Korea believes that this incident reflects the inadequacies in internal controls and regulation within the cryptocurrency market.
In addition, the central bank suggested that exchanges establish mechanisms for detecting abnormal trading and for rapid cessation of trading, and to introduce relevant market protection measures in the upcoming "Basic Law on Digital Assets."
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