The Financial Supervisory Service (FSS) of South Korea has announced the extension of its investigation into Bithumb's overpayment scandal concerning 620,000 'ghost coins' until the end of this month. The decision to prolong the investigation emerged after officials expressed concerns that the scope of the investigation needed to be broadened to cover more aspects of the incident. The FSS is particularly focused on issues related to user protection and compliance with anti-money laundering obligations. Efforts are being directed at the systems in place that could allow coins not actually owned by users to be issued, as well as the verification processes for asset ownership.

There are indications that additional cases of overpayment may come to light as the investigation progresses. Bithumb's CEO, Lee Jae-won, noted in a parliamentary inquiry that there had been previous instances of minor overpayments that were later recouped, but reports suggest that more instances may exist beyond what was disclosed. Unlike the current incident, which has been attributed to employee errors during data entry, past examples have implied potential system faults. The FSS plans to scrutinize these aspects during the continued investigation.

Bithumb has faced criticism before for insufficient internal controls, with previous assessments highlighting deficiencies in data management related to the verification of blockchain records against their asset holdings. Despite multiple inspections conducted by the Financial Services Commission and the FSS since 2021, the failure to identify the vulnerable systems that facilitated overpayments has raised significant concerns regarding regulatory oversight and accountability. This ongoing investigation is not only vital for Bithumb's operational integrity but also for maintaining trust in the broader cryptocurrency industry within South Korea.