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Bithumb Blames System Flaws for $40 Billion Bitcoin Error

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South Korea’s crypto exchange Bithumb said serious internal system flaws allowed an erroneous transfer of more than $40 billion in bitcoin during a promotional event last week, prompting regulatory scrutiny and market volatility. The exchange accidentally distributed about 620,000 bitcoins to customers instead of 620,000 won ($426), triggering a sharp 17% drop in bitcoin prices on its platform.

Chief Executive Lee Jae-won told lawmakers the error was exacerbated by a roughly 24-hour processing lag that delayed balance updates. The mistaken transfer amounted to roughly 15 times the exchange’s bitcoin holdings. Internal safeguards—including checks comparing transfer volumes with actual reserves—failed, and the assets were not earmarked in a separate account to ensure transaction safety.

Most of the bitcoins have since been recovered, though regulators said 1,786 coins were sold before accounts were frozen. Authorities stated that customers who sold the mistakenly credited assets are legally required to return them. The incident has sparked criticism in parliament over oversight failures in one of the world’s most active crypto markets.

The head of the Financial Supervisory Service said the episode underscores the need for stronger regulatory frameworks, adding that virtual asset platforms should ideally face oversight similar to banks, though current laws do not yet provide that authority.

OpenAI, Samsung SDS and SK Telecom to Begin Korea Data Center Build

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OpenAI, Samsung SDS, and SK Telecom are preparing to begin construction of artificial intelligence data centers in South Korea as early as March, according to Science Minister Bae Kyung-hoon.

The South Korean government previously said the U.S. startup would form joint ventures with the two Korean firms to develop two facilities with an initial combined capacity of 20 megawatts. The planned infrastructure is intended to support AI model training and deployment, reinforcing South Korea’s role in the global AI supply chain.

SK Telecom confirmed it is in discussions with OpenAI regarding a data center project in the country’s southwest, though the exact timeline for construction remains under review. The collaboration reflects increasing partnerships between U.S. AI developers and Asian technology firms to expand computing capacity amid surging demand.

The initiative comes as major AI companies race to secure power, land, and advanced hardware to support rapidly scaling models. South Korea’s strong semiconductor ecosystem and digital infrastructure make it an attractive base for AI expansion, particularly as governments compete to host next-generation data facilities.

Exclusive: Palantir Inks HD Hyundai Deal Worth Hundreds of Millions, CEO Bullish on Korea

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U.S. data analytics firm Palantir has signed an expanded software agreement with South Korea’s HD Hyundai, a deal worth hundreds of millions of dollars over several years, according to a person familiar with the matter.

The agreement deepens a partnership that began in 2021 and strengthens Palantir’s presence in heavy industry in South Korea. The companies held a signing ceremony during the World Economic Forum in Davos, where Palantir set up temporary offices. While Palantir declined to disclose financial terms, the deal broadens earlier collaboration into an enterprise-wide arrangement.

Palantir’s software integrates data from across operations and uses automation and artificial intelligence to guide decision-making. With HD Hyundai, the technology has been applied to shipbuilding, construction equipment and energy-related operations. The companies have said HD Hyundai is now building ships around 30% faster by using Palantir tools to better manage materials, machinery, planning and schedules.

Palantir chief executive Alex Karp said he is “very bullish” on South Korea, calling it an innovative and dynamic market. He added that while Palantir remains primarily focused on the United States, Korea stands out as a key international opportunity as global demand for the company’s software continues to grow.