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South Korean Crypto Exchange Bithumb Accidentally Gave Away Billions
Bithumb credited 695 users with 620,000 bitcoins worth over $40 billion due to a system error, causing a 17% price drop; 99.7% of bitcoins were recovered, the exchange said.
- 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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A South Korean cryptocurrency exchange apologized on Saturday for mistakenly transferring more than $40 billion worth of bitcoin to users, briefly triggering a sell-off on the platform.
·Vilnius, Lithuania
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He had planned to reward each of his customers with a 2,000 won bonus as part of a promotional campaign - Instead, each "lucky" person received 2,000 bitcoins
The company accidentally transferred 2,000 bitcoin to their account, instead of 2,000 South Korean won (1.15 euros).
·Netherlands
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During an innocent promotional campaign, the South Korean exchange Bithumb mistakenly gave away hundreds of thousands of bitcoins worth tens of billions of euros to users, causing chaos, a fire sale and a temporary price crash.
·Poland
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Coverage Details
Total News Sources65
Leaning Left8Leaning Right5Center12Last UpdatedBias Distribution48% Center
Bias Distribution
- 48% of the sources are Center
48% Center
L 32%
C 48%
R 20%
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