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Bithumb’s $40B $BTC Blunder Sends Shockwaves Through Crypto Markets
Centralized exchange Bithumb accidentally credited users with ~$40 billion worth of Bitcoin due to a system/configuration error, triggering a sharp local price drop, a regulatory uproar, and renewed questions over exchange risk controls and crypto oversight.
What Actually Happened
In a routine “Random Box” promotional event, Bithumb intended to reward users with tiny Korean-won amounts (~₩2,000 ≈ $1.40), but due to a critical input/configuration error, the system erroneously credited accounts with $BTC instead of KRW — roughly 620,000 BTC in total (~$40 billion in implied value).
Because this was an internal ledger accounting mistake (not an on-chain issuance), the “ghost” bitcoins weren’t real on the blockchain — but they appeared in user balances.
Market Impact
The error lasted minutes before detection — during that window, recipients sold about 1,788 BTC, creating heavy sell pressure and pushing Bitcoin’s price on Bithumb down roughly 15–17% versus global levels. Trading and withdrawals were quickly frozen.
Bithumb has since recovered ~99.7% of the mis-credited bitcoins through internal ledger reversals and user cooperation, though roughly ~125–1,800 $BTC (≈$9M) remains unrecovered and will be covered by the exchange.
Regulatory & Industry Fallout
South Korean lawmakers and regulators have launched full investigations, with parliamentary hearings and potential regulatory tightening now high on the agenda.
The Financial Supervisory Service (FSS) has openly criticized weak internal controls and is pushing for bank-level oversight standards in the crypto industry.
What It Means
Exchanges Aren’t Perfect: This incident highlights deep operational risk at centralized platforms where internal systems can “create” massive unintended balances.
Market Fragility: Even non-blockchain errors can produce real price moves when they trigger automated selling and panic.
#BTC #Bithumb #BithumbNews
Centralized exchange Bithumb accidentally credited users with ~$40 billion worth of Bitcoin due to a system/configuration error, triggering a sharp local price drop, a regulatory uproar, and renewed questions over exchange risk controls and crypto oversight.
What Actually Happened
In a routine “Random Box” promotional event, Bithumb intended to reward users with tiny Korean-won amounts (~₩2,000 ≈ $1.40), but due to a critical input/configuration error, the system erroneously credited accounts with $BTC instead of KRW — roughly 620,000 BTC in total (~$40 billion in implied value).
Because this was an internal ledger accounting mistake (not an on-chain issuance), the “ghost” bitcoins weren’t real on the blockchain — but they appeared in user balances.
Market Impact
The error lasted minutes before detection — during that window, recipients sold about 1,788 BTC, creating heavy sell pressure and pushing Bitcoin’s price on Bithumb down roughly 15–17% versus global levels. Trading and withdrawals were quickly frozen.
Bithumb has since recovered ~99.7% of the mis-credited bitcoins through internal ledger reversals and user cooperation, though roughly ~125–1,800 $BTC (≈$9M) remains unrecovered and will be covered by the exchange.
Regulatory & Industry Fallout
South Korean lawmakers and regulators have launched full investigations, with parliamentary hearings and potential regulatory tightening now high on the agenda.
The Financial Supervisory Service (FSS) has openly criticized weak internal controls and is pushing for bank-level oversight standards in the crypto industry.
What It Means
Exchanges Aren’t Perfect: This incident highlights deep operational risk at centralized platforms where internal systems can “create” massive unintended balances.
Market Fragility: Even non-blockchain errors can produce real price moves when they trigger automated selling and panic.
#BTC #Bithumb #BithumbNews
86 Users Sold Bitcoin Accidentally Credited by Bithumb Recovery Efforts Ongoing
South Korean financial regulators confirmed Monday that 86 users sold some or all of the Bitcoin that was mistakenly deposited into their accounts by crypto exchange Bithumb last week, following one of the most dramatic operational errors in recent exchange history.
What Actually Happened?
The incident took place during what was supposed to be a minor promotional campaign. Bithumb had planned to distribute small cash rewards totaling 620,000 won (around $424) to 249 selected participants.
However, due to a critical internal system error, the exchange accidentally transferred 620,000 bitcoins instead of 620,000 won — a staggering mistake valued at over $40 billion at the time. For a brief period, affected users appeared to hold massive Bitcoin balances, effectively turning ordinary traders into instant multimillionaires.
The error triggered immediate selling pressure on the platform as some users began liquidating the mistakenly credited BTC.
Immediate Response from Bithumb
The exchange quickly halted transactions at approximately 7:40 p.m. Friday after detecting the abnormal activity. Emergency recovery procedures were launched, including:
Freezing affected accounts
Blocking withdrawals where possible
Coordinating with financial authorities
Initiating direct contact with impacted users
According to officials, Bithumb has successfully recovered most of the wrongly distributed assets. However, 125 bitcoins remain unrecovered, with an estimated value of approximately 13 billion won.
Where Did the Missing Funds Go?
Authorities disclosed that:
Around 3 billion won has already been withdrawn into users’ bank accounts.
The remaining 10 billion won was reportedly used to purchase other digital assets on the exchange.
This complicates the recovery process, as some funds have moved beyond the original Bitcoin balances and into different asset classes.
Legal and Regulatory Implications
This case raises several important legal and ethical questions:
1. Obligation to Return Mistaken Transfers
Under South Korean law, funds transferred in error are typically considered unjust enrichment. Recipients may be legally obligated to return assets they were not entitled to receive.
2. Potential Criminal Liability
If individuals knowingly exploited the error for personal gain, authorities may examine whether criminal intent can be established.
3. Exchange Risk Controls
The incident highlights serious concerns about internal risk management, transaction validation systems, and operational safeguards at centralized exchanges.
Market Impact and Industry Lessons
Although the broader crypto market remained relatively stable, the incident sparked intense discussion within the industry about:
Centralized exchange vulnerabilities
Internal control mechanisms
Automated reward systems
Emergency response protocols
This event serves as a reminder that even major exchanges can experience catastrophic operational failures — and that system-level safeguards must be airtight, especially when handling assets worth billions.
It also demonstrates how quickly liquidity events can unfold when unexpected balances appear in user accounts. In a highly automated trading environment, even a short delay in detection can lead to significant asset movement.
Ongoing Recovery Efforts
A Bithumb representative stated that the company is individually contacting users who sold the mistakenly credited Bitcoin, requesting cooperation in returning the proceeds and negotiating recovery methods.
Authorities are closely monitoring the situation, and further regulatory review is possible.
Bigger Picture
Mistakes like this are rare but when they happen in crypto, the scale can be extraordinary. The incident reinforces three critical truths:
Operational precision is non-negotiable in digital asset platforms.
Transparency and rapid crisis management are essential to maintain trust.
Users who receive mistaken transfers may not legally or ethically be entitled to keep them.
As recovery efforts continue, the case may become a significant reference point for how crypto exchanges handle large-scale internal errors in the future. #BTC #BithumbNews
What Actually Happened?
The incident took place during what was supposed to be a minor promotional campaign. Bithumb had planned to distribute small cash rewards totaling 620,000 won (around $424) to 249 selected participants.
However, due to a critical internal system error, the exchange accidentally transferred 620,000 bitcoins instead of 620,000 won — a staggering mistake valued at over $40 billion at the time. For a brief period, affected users appeared to hold massive Bitcoin balances, effectively turning ordinary traders into instant multimillionaires.
The error triggered immediate selling pressure on the platform as some users began liquidating the mistakenly credited BTC.
Immediate Response from Bithumb
The exchange quickly halted transactions at approximately 7:40 p.m. Friday after detecting the abnormal activity. Emergency recovery procedures were launched, including:
Freezing affected accounts
Blocking withdrawals where possible
Coordinating with financial authorities
Initiating direct contact with impacted users
According to officials, Bithumb has successfully recovered most of the wrongly distributed assets. However, 125 bitcoins remain unrecovered, with an estimated value of approximately 13 billion won.
Where Did the Missing Funds Go?
Authorities disclosed that:
Around 3 billion won has already been withdrawn into users’ bank accounts.
The remaining 10 billion won was reportedly used to purchase other digital assets on the exchange.
This complicates the recovery process, as some funds have moved beyond the original Bitcoin balances and into different asset classes.
Legal and Regulatory Implications
This case raises several important legal and ethical questions:
1. Obligation to Return Mistaken Transfers
Under South Korean law, funds transferred in error are typically considered unjust enrichment. Recipients may be legally obligated to return assets they were not entitled to receive.
2. Potential Criminal Liability
If individuals knowingly exploited the error for personal gain, authorities may examine whether criminal intent can be established.
3. Exchange Risk Controls
The incident highlights serious concerns about internal risk management, transaction validation systems, and operational safeguards at centralized exchanges.
Market Impact and Industry Lessons
Although the broader crypto market remained relatively stable, the incident sparked intense discussion within the industry about:
Centralized exchange vulnerabilities
Internal control mechanisms
Automated reward systems
Emergency response protocols
This event serves as a reminder that even major exchanges can experience catastrophic operational failures — and that system-level safeguards must be airtight, especially when handling assets worth billions.
It also demonstrates how quickly liquidity events can unfold when unexpected balances appear in user accounts. In a highly automated trading environment, even a short delay in detection can lead to significant asset movement.
Ongoing Recovery Efforts
A Bithumb representative stated that the company is individually contacting users who sold the mistakenly credited Bitcoin, requesting cooperation in returning the proceeds and negotiating recovery methods.
Authorities are closely monitoring the situation, and further regulatory review is possible.
Bigger Picture
Mistakes like this are rare but when they happen in crypto, the scale can be extraordinary. The incident reinforces three critical truths:
Operational precision is non-negotiable in digital asset platforms.
Transparency and rapid crisis management are essential to maintain trust.
Users who receive mistaken transfers may not legally or ethically be entitled to keep them.
As recovery efforts continue, the case may become a significant reference point for how crypto exchanges handle large-scale internal errors in the future. #BTC #BithumbNews
Mr_Desoza:
informative speech
Talk of #Airdrops_free 😅
💥 Big Bitcoin Wahala: $44 Billion Fly Go Users by Mistake
For February 6, 2026, one big crypto exchange for South Korea, Bithumb, make serious mistake. Dem wan do promo give users small cash reward, but instead, dem credit users Bitcoin wey value reach about $40–$44 billion.
📉 Wetin Really Happen
Bithumb plan be say dem go give users small bonus — about 2,000 won (around $1.40). Sake of unit input error, dem mistakenly credit about 620,000 BTC, wey worth roughly $44 billion, go plenty user accounts.
The mistake ketch about 695 users, wey some menners suddenly see thousands of BTC for demma accounts 😳.
As some users begin sell the free Bitcoin sharp-sharp, BTC price crash hard for inside Bithumb market.
🛠️ How Dem Take Respond
For 35 minutes inside, Bithumb block trading then withdrawals. Dem manage recover about 99.7% of the Bitcoin wey dem send by mistake.
But small part still lost — about 125 BTC (around $9 million) — because some users don already withdraw or sell am.
📊 Market & Regulator Reaction
Bitcoin price for Bithumb drop almost 17%, before e later recover.
South Korea regulators like Financial Services Commission and Financial Supervisory Service don start investigation check see Bithumb internal controls then risk systems.
🧠 Wetin This Mean
This be one of the biggest accidental Bitcoin transfers wey ever happen. E show say even big crypto platforms still get serious risk — especially human error and weak internal controls.
The incident don reopen big question for how safe centralised exchanges really be.
➡️ You think this kind wahala go reduce trust or make exchanges improve?
➡️ Say una see free BTC for your account, wetin you go do? 😅
Make I hear una thoughts 👇👇
#crypto #bitcoin #BithumbNews #CryptoMistakes
💥 Big Bitcoin Wahala: $44 Billion Fly Go Users by Mistake
For February 6, 2026, one big crypto exchange for South Korea, Bithumb, make serious mistake. Dem wan do promo give users small cash reward, but instead, dem credit users Bitcoin wey value reach about $40–$44 billion.
📉 Wetin Really Happen
Bithumb plan be say dem go give users small bonus — about 2,000 won (around $1.40). Sake of unit input error, dem mistakenly credit about 620,000 BTC, wey worth roughly $44 billion, go plenty user accounts.
The mistake ketch about 695 users, wey some menners suddenly see thousands of BTC for demma accounts 😳.
As some users begin sell the free Bitcoin sharp-sharp, BTC price crash hard for inside Bithumb market.
🛠️ How Dem Take Respond
For 35 minutes inside, Bithumb block trading then withdrawals. Dem manage recover about 99.7% of the Bitcoin wey dem send by mistake.
But small part still lost — about 125 BTC (around $9 million) — because some users don already withdraw or sell am.
📊 Market & Regulator Reaction
Bitcoin price for Bithumb drop almost 17%, before e later recover.
South Korea regulators like Financial Services Commission and Financial Supervisory Service don start investigation check see Bithumb internal controls then risk systems.
🧠 Wetin This Mean
This be one of the biggest accidental Bitcoin transfers wey ever happen. E show say even big crypto platforms still get serious risk — especially human error and weak internal controls.
The incident don reopen big question for how safe centralised exchanges really be.
➡️ You think this kind wahala go reduce trust or make exchanges improve?
➡️ Say una see free BTC for your account, wetin you go do? 😅
Make I hear una thoughts 👇👇
#crypto #bitcoin #BithumbNews #CryptoMistakes
🚨 #BITHUMB EXCHANGE GLITCHES ARE A REAL CRYPTO BLACK SWAN📊🔥🚨
A major warning is trending again in crypto:
reports claim Bithumb (South Korea) faced a system issue where some users saw incorrect BTC balances during an internal error/update window.
Even a short glitch like that can trigger chaos.
⚠️ WHY THIS IS SERIOUS
This isn’t about “FUD.”
This is about infrastructure risk.
If an exchange backend mistakenly credits funds, the danger is:
• Users withdraw before the freeze
• Liquidity drains instantly
• Trust collapses
• Market panic spreads
🧠 THE REAL LESSON
Crypto doesn’t only crash from whales or wars.
Sometimes it crashes because:
one exchange bug = one bank run.
🔥 TAKEAWAY FOR INVESTORS
Treat exchanges like a bridge, not a vault.
✔️ Keep only trading funds on exchanges
✔️ Withdraw long-term holdings
✔️ Watch withdrawal limits + proof-of-reserves
Because in crypto…
a single glitch can rewrite the market overnight. 💔 #Write2Earn #WhaleDeRiskETH #BithumbNews
$BTC $ETH
A major warning is trending again in crypto:
reports claim Bithumb (South Korea) faced a system issue where some users saw incorrect BTC balances during an internal error/update window.
Even a short glitch like that can trigger chaos.
⚠️ WHY THIS IS SERIOUS
This isn’t about “FUD.”
This is about infrastructure risk.
If an exchange backend mistakenly credits funds, the danger is:
• Users withdraw before the freeze
• Liquidity drains instantly
• Trust collapses
• Market panic spreads
🧠 THE REAL LESSON
Crypto doesn’t only crash from whales or wars.
Sometimes it crashes because:
one exchange bug = one bank run.
🔥 TAKEAWAY FOR INVESTORS
Treat exchanges like a bridge, not a vault.
✔️ Keep only trading funds on exchanges
✔️ Withdraw long-term holdings
✔️ Watch withdrawal limits + proof-of-reserves
Because in crypto…
a single glitch can rewrite the market overnight. 💔 #Write2Earn #WhaleDeRiskETH #BithumbNews
$BTC $ETH
Bithumb , a centralized South Korean exchange accidentally Credited it's Users accounts with approx $61 Billion worth in $BTC.
This happened during an event when the users were to be credited with Korean won and instead of that they received millions of $BTC
#BithumbNews #Bithumb
This happened during an event when the users were to be credited with Korean won and instead of that they received millions of $BTC
#BithumbNews #Bithumb
📣Happening Now
#Bithumb ,the second largest cryptocurrency exchange in South Korea 🇰🇷,announced the listing of its#IOTA and #STRIKE coins for trading📊
#BithumbNews #BithumbKorea
$IOTA
#Bithumb ,the second largest cryptocurrency exchange in South Korea 🇰🇷,announced the listing of its#IOTA and #STRIKE coins for trading📊
#BithumbNews #BithumbKorea
$IOTA
🔥 $200M in Dormant Crypto Revealed: Millions of Inactive Accounts Could Reshape Liquidity
A recent disclosure has revealed that over $200 million worth of crypto assets are sitting idle across millions of inactive user accounts, some untouched for more than a decade.
According to reports, Bithumb identified approximately 2.6 million dormant accounts holding customer assets that have seen no activity for years — sparking renewed discussion around dormant liquidity and market impact.
🧊 Dormant for 10+ Years: Why This Matters
Dormant crypto isn’t just forgotten money — it’s potential liquidity.
Key highlights:
💰 $200M+ in inactive crypto assets
👥 Around 2.6 million inactive accounts
⏳ Some accounts inactive for 10+ years
🪙 Tokens mentioned include $HOLO and $SSV
If even a small percentage of these assets become active again, the impact could be felt across:
Market liquidity
Short-term volatility
Trading volume
📊 What Happens If Dormant Funds “Wake Up”?
Historically, when long-dormant crypto moves:
📈 Markets often react quickly
🧠 Traders reassess supply dynamics
💧 Liquidity conditions can change fast
While not all dormant assets will re-enter circulation, reactivation at scale could influence price action and market sentiment.
#Bithumb #BithumbNews #Binance #CryptoNewss #USJobsData
A recent disclosure has revealed that over $200 million worth of crypto assets are sitting idle across millions of inactive user accounts, some untouched for more than a decade.
According to reports, Bithumb identified approximately 2.6 million dormant accounts holding customer assets that have seen no activity for years — sparking renewed discussion around dormant liquidity and market impact.
🧊 Dormant for 10+ Years: Why This Matters
Dormant crypto isn’t just forgotten money — it’s potential liquidity.
Key highlights:
💰 $200M+ in inactive crypto assets
👥 Around 2.6 million inactive accounts
⏳ Some accounts inactive for 10+ years
🪙 Tokens mentioned include $HOLO and $SSV
If even a small percentage of these assets become active again, the impact could be felt across:
Market liquidity
Short-term volatility
Trading volume
📊 What Happens If Dormant Funds “Wake Up”?
Historically, when long-dormant crypto moves:
📈 Markets often react quickly
🧠 Traders reassess supply dynamics
💧 Liquidity conditions can change fast
While not all dormant assets will re-enter circulation, reactivation at scale could influence price action and market sentiment.
#Bithumb #BithumbNews #Binance #CryptoNewss #USJobsData
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