Bithumb Establishes Abnormal Financial Transaction Detection System to Strengthen Investor Protection

[Asia Economy Reporter Lee Jung-yoon] Domestic virtual asset exchange Bithumb announced on the 6th that it has advanced its Fraud Detection System (FDS).

Bithumb has enhanced its Fraud Detection System to prevent financial fraud. The Fraud Detection System is an automated system that detects abnormal transactions and halts trading by analyzing patterns based on data such as deposit and withdrawal records of Korean won and virtual assets, as well as transaction information.

This advancement project is one of Bithumb's proactive measures in response to the enactment of the Digital Asset Basic Act. Beyond preventing evolved voice phishing and hacking incidents in advance, it also imposes sanctions such as voluntary reporting and transaction blocking on suspicious transactions like wash trading and abnormal deposits and withdrawals.

Additionally, it is now possible to pre-monitor unusual patterns through flexible combinations of various data such as specific times, users, and virtual assets.

A Bithumb official stated, "We will fulfill the exchange's responsibility to block unfair trading practices," adding, "We will ensure thorough investor protection through system advancement and strengthening internal controls."