South Korean cryptocurrency exchange Bithumb mistakenly distributed approximately 620,000 bitcoins, worth around $44 billion, to 695 customers during a promotional event. The company quickly acted to restrict trading and withdrawals, claiming to have recovered 99.7% of the erroneously distributed cryptocurrency within 35 minutes of the incident.
South Korea's Bithumb Exchange Accidentally Sends $44 Billion in Bitcoin to Users
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The exchange emphasized that the mistake was not caused by external hacking or security breaches, but the incident has prompted South Korean financial regulators to launch a comprehensive review of the crypto platform’s internal control systems. Bithumb had originally intended to distribute small cash rewards of 2,000 Korean won ($1.40), but instead, some users received at least 2,000 bitcoins each, triggering a sharp market selloff.
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FAQ 🧭
- How much bitcoin was accidentally distributed? — Approximately 620,000 bitcoins, worth around $44 billion, were mistakenly sent to users.
- Did Bithumb recover the bitcoins? — The exchange claims to have recovered 99.7% of the distributed bitcoins within 35 minutes.
- What are the regulatory implications? — South Korean financial regulators plan to conduct on-site inspections of Bithumb and other crypto exchanges.
- Was this a security breach? — Bithumb stated the incident was not related to external hacking or security vulnerabilities.
