Bithumb Accidentally Sends Large Amounts of Bitcoin to Users, Triggers Price Crash Amid Market Selloff
Bithumb mistakenly sent large amounts of Bitcoin instead of Korean won during a promotion, causing temporary price drops on the exchange.Summary
South Korea-based cryptocurrency exchange Bithumb made an operational error during a promotional event intended to distribute small cash rewards in Korean won. Staff mistakenly entered the payment unit as Bitcoin, resulting in some users receiving at least 2,000 BTC each, valued at approximately 196 billion won per person at the time. Some recipients sold the erroneously credited Bitcoin, causing temporary price dislocations on Bithumb, where Bitcoin reportedly fell over 10% below broader market levels. Bithumb acknowledged the error, stating they immediately restricted transactions for affected accounts and that their control systems prevented more severe liquidations, emphasizing no customer assets were lost and ruling out external hacking. This incident occurred while Bitcoin was already experiencing a significant market selloff, plunging toward $60,000.
(Source：Bitcoin Magazine)