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South Korean Crypto Exchange Bithumb Accidentally Gave Away Billions
Bithumb recovered 99.7% of 620,000 bitcoins mistakenly credited to 695 users and will cover any losses, after a brief 10% bitcoin price drop on its platform.
- 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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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
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.
Crypto firm accidentally sends more than R700bn in bitcoin to users
Cryptocurrency exchange Bithumb said on Saturday it had accidentally given away more than $40 billion worth of bitcoins to customers as promotional rewards billion worth of bitcoins to customers as promotional rewards.
·South Africa
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Total News Sources56
Leaning Left7Leaning Right3Center10Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 35%
C 50%
15%
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