Bithumb Accidentally Sends Large Amounts of Bitcoin to Users, Triggers Price Crash Amid Market Selloff
South Korea-based cryptocurrency exchange Bithumb reportedly made an operational mistake that led to the accidental deposit of large amounts of Bitcoin to user accounts during a promotional event.
The exchange had planned to distribute small cash rewards through a “Random Box” event at around 6 p.m. local time. Winners were supposed to receive between 20,000 and 50,000 Korean won.
Instead, staff reportedly entered the payment unit as Bitcoin rather than won.
As a result, some users received at least 2,000 BTC each, worth roughly 196 billion won per person based on prices near 98 million won per Bitcoin at the time, according to social media screenshots and accounts.
Earlier today, Bithumb said it accidentally sent an excess of bitcoin to “some customers.”
Some recipients reportedly sold the mistakenly credited coins, causing temporary price dislocations on the platform.
Bitcoin on Bithumb reportedly fell more than 10% below broader market levels during the incident.
“We sincerely apologize for any inconvenience caused to our customers due to the confusion that arose during the payment process for this event,” the exchange said in a statement posted Friday.
Bithumb said it “immediately recognized the abnormal transaction through its internal control system and promptly restricted transactions for the relevant account.”
The exchange did not disclose how much Bitcoin was mistakenly distributed or how many accounts were affected. It said its “domino liquidation prevention system” prevented more severe chain liquidations tied to an “abnormal bitcoin price.”
Bithumb also emphasized that the incident was unrelated to any external hacking or security breach.
“It is understood that this incident did not result in any loss or damage to customer assets,” the company said.
