I didn't know a great deal about S Korea until it became crypto hot.
The more I learn, the more of an incompetent fuckhole it seems. The exchanges are bent, leaky and run by children. The government is too dim to regulate or tax them or notice this monster appear out of nowhere like Battlestar Galactica.
How do they manage to get the trains running on time?
What you're describing is basically how all exchanges were run 5-6 years ago. There's been too many "hacks" to count. Given that Koreans weren't very interested in cryptocurrencies before 2017, it's not exactly a surprise to find some of their exchanges are sub-par one year later.
Also, you might consider that
South Korean exchanges are being heavily targeted by North Korean hacking groups. This is probably being
sponsored by the North Korean government.
Just 50-60 years ago, South Korea was on par with the poorest African countries. It's now #14 richest in the world while being very poor in natural resources. I'm pretty sure it's not "an incompetent fuckhole"......