South Korean cryptocurrency exchange Bithumb has admitted to a significant system flaw that resulted in the erroneous transfer of 620,000 bitcoins to users, instead of the intended 620,000 Korean won. CEO Lee Jae-won attributed the incident to a 24-hour delay in transaction processing and outdated updates of cryptocurrency holdings. While Bithumb has managed to recover most of the bitcoins, 1,786 bitcoins remain unrecovered as they were sold before account freezes could be implemented. The incident has raised concerns among South Korean lawmakers about the lack of effective regulation in the country's virtual asset market, which is one of the most active globally with 10 million cryptocurrency investors.