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DOGE $0.0980 -1.50%
ADA $0.2457 -2.63%
BCH $448.33 -1.30%
LINK $9.21 -2.77%
HYPE $41.59 -0.69%
AAVE $95.73 -1.10%
SUI $0.9241 -2.28%
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ZEC $354.34 -1.29%

stability

Bithumb is promoting the re-election of current CEO Lee Jae-won to maintain operational continuity and stability

According to the Korea Times, South Korea's second-largest cryptocurrency exchange, Bithumb, is still pushing for the re-election of its current CEO, Lee Jae-won, despite facing a series of controversies and regulatory penalties. Previously, on February 6, 2026, Bithumb experienced a serious operational error during a promotional event, resulting in the erroneous distribution of approximately 620,000 BTC, about 15 times the actual amount held by the exchange, to users. This exposed significant flaws in Bithumb's internal verification, asset management, and ledger systems. The error was discovered and controlled within 35 minutes, with the exchange freezing transactions and withdrawals for 695 affected accounts, claiming to have recovered 99.7% of the erroneously issued assets, but the incident still triggered a brief panic in the market.The Financial Intelligence Unit (FIU) under the South Korean Financial Services Commission imposed several penalties on Bithumb, including a six-month suspension of some operations, a 36.8 billion won (approximately 24 million USD) fine for anti-money laundering violations, a warning to CEO Lee Jae-won, and a six-month suspension for the reporting officer.CEO Lee Jae-won's term will end this month, and the company plans to hold a regular shareholders' meeting on March 31 to discuss a proposal to extend his term for another two years. Despite the significant failures and regulatory pressure, Bithumb has chosen to push for re-election to maintain operational continuity and stability rather than undergo a management reshuffle. In similar situations in the past, such as when Upbit's CEO transitioned to an advisory role after receiving a warning from the FIU, management often faced greater accountability.

Vitalik: Ethereum must pass the "can withdraw at any time" test to achieve long-term stability

Ethereum co-founder Vitalik Buterin stated on the X platform that Ethereum itself must pass the test of "being able to withdraw at any time." The positioning of Ethereum is to become an ideal habitat for various trustless and minimal-trust applications, whether in finance, governance, or other industries.It must support applications that are more like "tools," rather than "services" that become completely ineffective once the provider stops maintenance. Even if certain applications do rely on some functions of the provider, Ethereum should minimize this dependency as much as possible and protect users to the greatest extent when that dependency fails. However, if the underlying protocol itself also relies on a certain "provider" (even if that "provider" is the collaborative process of all core developers) for continuous updates to remain usable, then building the aforementioned ideal applications becomes impossible. The Ethereum blockchain itself must possess the characteristics we expect its applications to have.Therefore, Ethereum itself must pass the test of "being able to withdraw at any time." This means Ethereum needs to reach a stage where we can "solidify it when needed." We do not have to stop modifying the protocol, but we must ensure that Ethereum's value proposition no longer strictly depends on any functions that have not yet been incorporated into the protocol.Specifically, this includes: complete resistance to quantum computing, a scalable architecture for high performance, a state architecture that can last for decades, a generalized account model, a reliable gas pricing mechanism resistant to denial-of-service attacks, a proof-of-stake economic model based on long-term experience, and a block construction model that resists centralization pressure and ensures censorship resistance. Ideally, in the coming years, we should work hard to achieve a stage where almost all future innovations can be realized through client optimizations and reflected in the protocol through parameter changes.Each year, we should accomplish at least one of the above goals, preferably multiple. Based on a profound understanding of doing the right thing, getting it right the first time (rather than taking a compromised temporary solution) will maximize Ethereum's technical and social robustness in the long run.
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