 ▲ [Cartoon] “Bithumb’s Digital Alchemy: Creating 60 Trillion Won With a Single Click?” |
An erroneous credit incident at cryptocurrency exchange Bithumb exposed how fragile the “finance built on spreadsheets” is, rather than finance built on blockchain. Not a single real Bitcoin moved, yet tens of trillions of won were created and then vanished when a single ledger number changed. It was an uncomfortable moment that revealed the reality that centralized exchanges can effectively mint assets as numbers. The problem is not a simple mistake but the system itself. Coins traded on off-chain ledgers lack transparency, and users have no way to verify what is real. This incident is not a passing mishap but a warning. While coins proclaim decentralization, exchanges still erase numbers from the center.
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