Bithumb to reimburse customers after mistakenly distributing $40B in Bitcoin

South Korean crypto exchange Bithumb announced it will fully compensate customers affected by an incident on February 6 where an input mistake during reward payment led to the erroneous distribution of 620,000 Bitcoin, valued at over $40 billion, to 695 users. Bithumb detected the issue quickly, blocked transactions, and recovered 99.7% of the overpaid Bitcoin, with 93% of sold assets also reclaimed. The exchange confirmed customer losses from panic selling totaled about 1 billion KRW ($680,000), offering 110% compensation to those who sold at unfavorable prices. Additionally, all users active during the incident will receive 20,000 KRW ($15) and seven days of waived trading fees. Bithumb's CEO apologized, and the company is implementing system upgrades, including enhanced asset verification and AI safeguards, while regulators investigate the mistake.

(Source：Crypto Briefing)