Bithumb Bitcoin Blunder Sends $44 Billion to Users, Rattles Crypto Markets 

South Korean crypto exchange Bithumb accidentally distributed approximately 620,000 Bitcoin, valued at about $44 billion, to users during a promotional giveaway intended to award small cash rewards (about $1.40). The error caused sharp volatility in Bitcoin's price on the platform, with prices briefly slumping 17%. Bithumb quickly restricted trading and withdrawals for affected customers, recovering 99.7% of the excess Bitcoin, though 125 Bitcoin worth around $9 million remained unrecovered, which the exchange promised to cover with corporate funds. The incident prompted South Korean financial regulators to announce reviews and on-site inspections of domestic exchanges' internal control systems, as the error exposed structural vulnerabilities in Bithumb's operational processes, allowing payouts without formal settlement procedures. Bithumb apologized, promised compensation to users affected by low-price sales, and is currently in damage control while pursuing plans for a U.S. public listing.

(Source：Bitcoin Magazine)