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South Korean crypto firm accidentally sends $44 billion in bitcoins to users
Bithumb mistakenly credited 695 users with about 620,000 bitcoins worth $44 billion and recovered 99.7%, covering any losses and compensating customers, regulators to inspect exchanges.
- Bithumb, South Korean cryptocurrency exchange, said it accidentally credited 620,000 bitcoins worth about $44 billion to users and restricted trading and withdrawals for 695 affected users within 35 minutes.
- A system configuration error during the Friday promotional payout caused the reward to be entered as roughly 2,000 bitcoins per user instead of a 2,000 South Korean won reward.
- Prices on Bithumb plunged as much as 17 to 81.1 million won during the glitch, with some users engaging in `panic selling`, then recovered within five minutes.
- After the glitch, authorities warned they would review internal controls and launch on-site inspections of Bithumb if irregularities emerge, while Bithumb pledged to compensate affected customers fully, including a 10% bonus.
- Given Bithumb's recent raids and past hacks, Arkham Intelligence said Bithumb has roughly $5.3 billion in assets, far below the $43 billion it credited, raising concerns about `paper bitcoin`.
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48 Articles
48 Articles
South Korean crypto exchange Bithumb accidentally distributed 620,000 bitcoins worth more than $40 billion to users during a promotional campaign on Friday, a move that briefly sparked a sell-off of bitcoin on the exchange.
Users of South Korean cryptocurrency exchange Bithumb were in for a surprise when they looked at their accounts. They were mistakenly given more than $40 billion (€33.83 billion) worth of bitcoins. What was supposed to be a small promotional prize caused the exchange to crash. The exchange has already 'confiscated' the bitcoins back.
·Ljubljana, Slovenia
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Coverage Details
Total News Sources48
Leaning Left7Leaning Right2Center9Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 39%
C 50%
11%
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