The Financial Supervisory Service (FSS) of South Korea announced a comprehensive crackdown on local cryptocurrency markets following a shocking incident of Bitcoin misdistribution. The agency stated that it will conduct special investigations into "high-risk" behaviors that disrupt market order and upgrade its technical monitoring systems to prevent similar incidents from happening again.

Last week, a major Korean crypto platform experienced a severe system error during a promotional event, resulting in some users being mistakenly credited with at least 2000 Bitcoins, instead of the originally intended small rewards. At the time of the incident, based on the day's price, the involved amount was approximately $44 billion. Following the news, the Bitcoin price on that platform temporarily dropped about 30% below the global average, and some recipients quickly attempted to sell. About 35 minutes after discovering the anomaly, the platform restricted trading and withdrawals for 695 related accounts.