SEOUL: A South Korean cryptocurrency exchange apologized on Saturday after mistakenly transferring more than $40 billion in&nbsp;<a href="https://www.pakistantv.com/article/bitcoin-under-70000-for-first-time-since-trumps-election" target="_blank" style="color: rgb(0, 0, 0);">bitcoin</a>&nbsp;to users, prompting a brief&nbsp;selloff on the platform.&nbsp;Bithumb said it accidentally sent 620,000 bitcoins, currently worth more than $40 billion, and blocked trading and withdrawals for the 695 affected users within 35 minutes after the error occurred on Friday.&nbsp;According to local reports, Bithumb was meant to send about 2,000 won ($1.37) to each customer as part of a promotion, but mistakenly transferred roughly 2,000 bitcoins per user.&nbsp;&quot;We sincerely apologize for the inconvenience caused to our customers due to the confusion that occurred during the distribution process of this (promotional) event,&quot; Bithumb said in a statement.&nbsp;The platform said it had recovered 99.7% of the bitcoins mistakenly sent and would use its own assets to fully cover the amount lost in the incident.&nbsp;It admitted the error briefly caused &quot;sharp volatility&quot; in bitcoin prices on the platform as some recipients sold the tokens, adding that it brought the situation under control within five minutes.&nbsp;Its charts showed the token&#39;s price briefly fell 17% to 81.1 million won on the platform late Friday.&nbsp;Compensation promisedIn a separate statement released later on Saturday, Bithumb said some trades were executed at unfavourable prices for users due to a price drop on Friday, including &quot;panic selling&quot;.&nbsp;The platform said it would compensate affected customers by covering the full price difference and a 10% bonus.&nbsp;It estimated losses at about 1 billion won.&nbsp;The platform earlier stressed that the incident was &quot;unrelated to external hacking or security breaches&quot;.&nbsp;Bitcoin, the world&#39;s largest cryptocurrency, sank this week, wiping out gains sparked by US President Donald Trump&#39;s victory in the 2024 presidential election.

Business

Crypto

South Korea’s Bithumb apologized after accidentally transferring $40 billion in bitcoin to users during a promotion, triggering brief panic selling and price volatility before trading was halted.

Crypto firm accidentally sends $40B in bitcoin to users

LONDON: Bitcoin, the world&#39;s biggest cryptocurrency, extended its price slump Thursday to trade under $70,000 for the first time since Donald Trump&#39;s presidential election victory in November 2024.&nbsp;The digital currency dropped as low as $69,821.18 before climbing back above $70,000.&nbsp;Bitcoin has fallen sharply in recent weeks as investors pull back from risky assets. It had reached a record high above $126,000 in October.&nbsp;&quot;Bitcoin continues to suffer... caught up in the broader risk-off mood and geopolitical turmoil that has pushed investors away from riskier assets towards safe havens,&quot; noted Victoria Scholar, head of investment at Interactive Investor.&nbsp;The volatile cryptocurrency soared after Trump was elected as he was widely viewed as a strong supporter of the sector.&nbsp;He publicly celebrated bitcoin crossing $100,000 for the first time in December 2024.&nbsp;However it suffered a sharp setback in April last year, falling below $75,000 after the president&#39;s announcement of sweeping US tariffs rattled global markets.&nbsp;It went on to reach a record-high of $126,251.31 six months later.&nbsp;The latest downturn is driven largely by regulatory uncertainty.&nbsp;While the US Congress passed a law in July to regulate stablecoins -- a form of cryptocurrency backed by traditional assets -- a broader crypto bill, the Clarity Act, has stalled in the Senate.&nbsp;Bitcoin&#39;s has been hit also by Trump recently nominating former Federal Reserve governor Kevin Warsh to head of the US central bank.&nbsp;Warsh, seen by observers as a defender of the Fed&#39;s independence, reassured traditional markets, prompting investors to sell safe-haven assets such as gold and silver, whose prices plunged.&nbsp;Many investors rushed also to sell cryptocurrencies and other risky assets to help raise cash.&nbsp;Trump&#39;s close ties to the crypto sector have sparked accusations of conflicts of interest, as he has promoted his own cryptocurrency-related ventures since returning to office.&nbsp;According to recent Bloomberg estimates, his family&#39;s fortune grew by $1.4 billion last year from digital assets alone.&nbsp;Just hours before his inauguration in January 2025, the 79-year-old billionaire launched his own cryptocurrency, $TRUMP, which slumped after a blockbuster debut.

Bitcoin fell below $70,000 for the first time since November 2024 as investors sold risky assets amid market and regulatory uncertainty.

Bitcoin under $70,000 for first time since Trump's election

Web Desk

ISLAMABAD: Pakistan&#39;s Ministry of Finance announced plans on Sunday to tokenize up to $2 billion of domestic government debt in an initial phase, aimed at broadening the investor base by tapping into the country&#39;s retail segment, Associated Press of Pakistan (APP) reported. Khurram Schehzad, Adviser to the Federal Finance Minister, outlined the initiative during a fireside chat titled &quot;Tokenizing the Sovereign Assets-Liquidity Ready&quot; at the 27th ITCN Asia exhibition held at Expo Center in Lahore. <div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-1" scrolling="no" frameborder="0" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2012908227424587823&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=54d129e20c662ab2ce0eefd37f78a2d55ebf0ccb&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" style="position: static; visibility: visible; width: 550px; height: 717px; display: block; flex-grow: 1;">&nbsp;</iframe></div></div> The tokenization of government debt involves converting traditional bonds into digital tokens recorded on a blockchain, enabling electronic trading, improved transparency, and reduced transaction costs.&nbsp; The adviser emphasized that the government&#39;s evolving role in the <a href="https://www.pakistantv.com/article/pakistan-sees-digital-leap-with-96-mobile-access-70-internet-use" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">digital</a> economy centers on facilitating innovation and creating an enabling environment for emerging technologies.&nbsp; &quot;The primary responsibility of the government is to facilitate innovation,&quot; he stated, highlighting policies designed to empower youth through opportunities in modern financial and digital sectors. The move follows a landmark <a href="https://www.pakistantv.com/article/pakistan-signs-2-billion-blockchain-deal-with-binance-for-government-assets" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">Memorandum of Understanding (MoU)</a> signed on Dec. 12, 2025, between Finance Minister Muhammad Aurangzeb and global crypto exchange Binance to explore the technical framework for tokenizing up to $2 billion in sovereign bonds and commodity reserves.<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1999472543586222562&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=54d129e20c662ab2ce0eefd37f78a2d55ebf0ccb&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" style="position: static; visibility: visible; width: 550px; height: 648px; display: block; flex-grow: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</iframe></div></div>Schehzad provided context on the global digital asset landscape, noting that <a href="https://www.pakistantv.com/article/bitcoin-hits-alltime-high-above-125000" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">Bitcoin</a> maintains a capped supply of approximately 21 million units, making digital currencies a significant topic in contemporary financial discussions.&nbsp; On regulatory development, Schehzad said proposals for a dedicated framework or regulatory authority are aimed at improving oversight and understanding of <a href="https://www.pakistantv.com/article/300b-revolution-crypto-goes-legit-in-pakistan-government-rolls-out-licences" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">crypto</a> assets.&nbsp; He acknowledged that Pakistan remains at a nascent stage in this field but said the government is actively studying international models, citing the United Arab Emirates (UAE) as a leading example of structured virtual asset regulation. The session concluded with discussions on the importance of balanced policymaking, innovation-friendly regulations, and adherence to global best practices to ensure responsible exploration of opportunities in digital finance and sovereign asset tokenization.&nbsp;

Khurram Schehzad speaking at the 27th ITCN Asia exhibition (Photo by urdu.radio.gov.pk)

Economy

Speaking at ITCN Asia, Khurram Schehzad highlighted government efforts to support digital and financial sector innovation, outlining government plans to foster digital finance, support youth engagement, and monitor domestic crypto activity.

Pakistan to tokenize $2 billion in domestic debt: Finance Adviser

SEOUL: North Korea is circumventing UN sanctions by using cryptocurrency to trade raw materials and military weaponry, and by deploying large numbers of IT workers abroad to launder funds and generate income for Pyongyang, an international sanctions monitoring group reported. Under leader Kim Jong Un, Pyongyang has ramped up cyber operations in recent years, turning hacking into a key source of foreign currency in the face of biting sanctions over its nuclear and weapons programs. The Multilateral Sanctions Monitoring Team (MSMT) found that North Korea&#39;s sophisticated cyber force had stolen at least $1.65 billion from January to September 2025, including $1.4 billion from crypto exchange Bybit in February. That was in addition to North Korea&#39;s ill-gotten cryptocurrency gains of $1.2 billion in 2024, the monitoring group said in a report Wednesday. Pyongyang funnels the funds into &ldquo;the unlawful development of its weapons of mass destruction (WMD) and ballistic missile programs,&rdquo; it said. The report&#39;s authors found that North Korean officials used a type of cryptocurrency called stablecoin &ldquo;for procurement-related transactions, including the sale and transfer of military equipment and raw materials such as copper, which is used in munitions production.&rdquo; The country further evaded UN sanctions by sending IT workers to at least eight countries. Most went to China, but others were dispatched to Russia, Laos, Cambodia, Equatorial Guinea, Guinea, Nigeria and Tanzania. MSMT also found that North Korea was planning to send &ldquo;40,000 laborers to Russia, including several delegations of IT workers.&rdquo; Under UN sanctions, North Korean workers are prohibited from earning money abroad. North Korea has secured crucial backing from Russia in recent years after sending weapons and thousands of North Korean troops to fight alongside Moscow&#39;s forces against Ukraine. The MSMT also cited a 2024 report by 38 North, a specialist analysis program run by the Stimson Center think tank, stating that North Korean IT workers &mdash; hiding their nationalities &mdash; secured contracts to work on animation projects that were being steered by Japanese and US companies like Amazon and HBO Max. An Amazon spokesperson contacted by AFP stressed that the company had never hired any such workers directly. &ldquo;We had previously worked with an animation studio that hired subcontractors who were allegedly involved in the scheme; however, they were not Amazon employees and didn&#39;t have access to internal systems,&rdquo; the spokesperson said. HBO did not respond to an AFP request for comment. The report said the North Korean animators also worked for companies such as Pyongyang&#39;s state-owned animation studio SEK &mdash; previously reported to have assisted in Western projects such as 2007&#39;s &ldquo;The Simpsons Movie.&rdquo; Seoul&#39;s intelligence agency last year said North Korean operatives had used LinkedIn to pose as recruiters and approach South Koreans working at defense firms to obtain information on their technologies. The MSMT, launched last October, monitors and reports violations of UN Security Council sanctions on North Korea, though it operates independently of the UN. It comprises Australia, Canada, France, Germany, Italy, Japan, the Netherlands, New Zealand, South Korea, the UK and the United States.

North Korean leader Kim Jong Un speaks at a Pyongyang memorial groundbreaking on Oct. 23, 2025, highlighting growing ties with Moscow. (AFP)

North Korea is evading UN sanctions by using cryptocurrency for illicit trade and deploying IT workers overseas to launder money, funding its weapons programs and generating income for Pyongyang.


North Korea uses crypto, IT workers to evade sanctions: report

Faraz Saeed

Pakistan has formally launched the licencing process for cryptocurrency exchanges, marking a key milestone for the country&rsquo;s digital finance sector. With over 40 million users trading nearly $300 billion annually in the shadows, the move marks a historic shift from underground activity to a regulated digital-finance market. The government says this will boost investor trust, attract foreign capital, and make remittances faster and cheaper, setting the stage for a $300 billion crypto revolution.

Shorts

Pakistan has launched licensing for cryptocurrency exchanges, shifting a $300 billion shadow market into regulation. Officials say the move will boost investor confidence, attract foreign investment, and streamline remittances for over 40 million users.

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