Error on Bithumb: Exchange Accidentally Credited Hundreds of Users 2000 BTC Instead of 2000 KRW

The South Korean cryptocurrency exchange Bithumb became the center of attention after a serious operational error that led to the accidental crediting of hundreds of users with significant amounts in Bitcoin. Instead of the planned 2000 Korean won (about 1.5 US dollars) as a reward in the "Random Box" promotion, the system mistakenly credited 2000 BTC to each recipient, which at the time of the event amounted to approximately 139 million dollars. This caused chaos on the platform, where Bitcoin temporarily traded 10-17% below the market price.

The incident became known thanks to a post by user @definalist on X, where a screenshot of the balance in the Bithumb app was published. The screenshot shows the user's account displaying an available balance of 2000 BTC, whereas it should have been just a small bonus in KRW. The user didn't hesitate and immediately sold the gifted assets on the market, leading to a sharp drop in BTC quotes on the exchange. According to reports, hundreds of other recipients did the same, causing a "flash crash", the Bitcoin price on Bithumb fell to 81,110,000 KRW, while on global markets it held at around 99 million KRW.

Bithumb's official statement, published on their blog, confirms the error during the distribution of rewards. The company apologized to clients, noting that the internal control system immediately detected the anomalous transaction and restricted trading on related accounts. The price normalized within 5 minutes, and no losses for clients or chain liquidations occurred. The incident is not related to hacking or security breaches, and Bithumb promises full transparency in the investigation.

According to analysts such as Lookonchain, the error occurred due to a "fat-finger", human error in data entry, where the unit of measurement was mistakenly changed from KRW to BTC. The total value of the distributed BTC is estimated at 130-140 million dollars, which represents a significant portion of the exchange's reserves (Bithumb's total reserves are about 46,000 BTC).

This case serves as a reminder of the risks of centralized exchanges, where internal errors can lead to significant market fluctuations. Experts advise users to diversify assets and use decentralized platforms to mitigate such risks. Bithumb assures that trading and withdrawals continue in normal mode, but the investigation is ongoing.