 ▲ Bithumb, Bitcoin (BTC), Virtual Assets / ChatGPT-generated image |
A once-in-a-lifetime mishap has sent shockwaves through the market after Bithumb, one of South Korea’s major cryptocurrency exchanges, accidentally credited 2,000 BTC to users when it intended to distribute 2,000 won.
According to an MBC News report on February 7 (local time), Bithumb sought to award points worth 2,000 won per user through a prize event, but due to a system error mistakenly deposited 2,000 bitcoins. Based on a price of 98 million won per bitcoin, the value of the assets wrongly credited is estimated to be at least 196 billion won.
Immediately after the incident, online communities were flooded with verification posts from winners stating that 2,000 BTC had been deposited instead of 2,000 points, deepening the confusion. As some recipients who suddenly possessed massive holdings began selling immediately, the price of bitcoin on Bithumb briefly plunged to the low 81 million won range—more than 10% below the market price. Around 7:30 p.m., when large sell orders poured in, Bithumb’s bitcoin price diverged sharply from other exchanges, amplifying market anxiety.
Upon recognizing the error, Bithumb promptly froze the relevant accounts and imposed an emergency suspension on all cryptocurrency deposits and withdrawals. However, it has been reported that some investors had already sold their bitcoin and realized gains before the freezes were completed, suggesting significant difficulties in the recovery process. The exchange is currently conducting a detailed investigation to determine the exact scope of the incident and the extent of damages.
The cryptocurrency industry is criticizing this incident as a case that exposes critical flaws in exchange operating systems, calling for stronger security and management frameworks. In particular, the fact that such a massive miscredit occurred within a point distribution system directly tied to user asset protection is expected to deal a serious blow to the exchange’s credibility. Financial authorities are also reportedly aware of the seriousness of the situation and may move to inspect the exchange’s overall internal control systems.
*Disclaimer: This article is for investment reference only, and no responsibility is taken for any investment losses incurred based on it. The content should be interpreted solely for informational purposes.*