$USDC
The "44 Billion Dollar" Mistake
An employee at the South Korean exchange Bithumb reportedly made a catastrophic error, mistakenly sending $44 billion worth of Bitcoin to users. The transfer was intended to be small cash rewards for a promotion but resulted in billions being distributed to random accounts.
📉 Market Impact & Reaction
• Flash Crashes: The news caused immediate panic, with Bitcoin’s price swinging wildly near the $60,000 mark as markets braced for the potential "dumping" of these accidental funds.
• Withdrawal Freezes: Bithumb has scrambled to freeze all withdrawals to claw back the assets, leaving thousands of users in a state of limbo.
• "Digital Pet Rock": Despite the chaos, some analysts (including those at JPMorgan) are calling this a "temporary blip," even suggesting Bitcoin's long-term value could eventually hit $266,000 as it becomes more attractive than gold.