Major Error at Bithumb: $42 Billion in Bitcoin Accidentally Distributed to Customers

Operational Error Leads to Multi-Billion Dollar Mistake South Korean cryptocurrency exchange Bithumb experienced a massive operational failure during a "random box" promotional event held on February 6.
A staff member accidentally entered reward amounts in Bitcoin (BTC) instead of Korean Won (KRW) into the system, resulting in the distribution of 620,000 BTC to customers.
While the exchange originally intended to distribute a total of 620,000 won (approximately $423) among 695 customers, the error led to assets worth approximately $42 billion being transferred to user accounts.
Sold Assets and Market Impact Bithumb announced that it has corrected 99.7% of the erroneous transactions by reversing internal records.
However, it was determined that 86 customers sold approximately 1,788 Bitcoin during the 35-minute window before accounts were frozen.
These sales caused short-term price fluctuations on the platform.
Reports indicate that some of the cashed-out funds were transferred to personal bank accounts or converted into other cryptocurrencies.
The exchange management is currently conducting "one-on-one persuasion" talks with approximately 80 customers to facilitate the return of the assets.
Audit and Legal Proceedings Lee Chan-jin, Chairman of the South Korean Financial Supervisory Service (FSS), characterized the incident as an indicator of structural problems within the internal systems of exchanges.
Due to the rising price of Bitcoin, users who are forced to return the assets they received may face significant financial losses.
The South Korean parliament will hold an emergency session on February 11, where exchange officials and financial authorities will be questioned.
Bithumb emphasized that the incident was not the result of a cyberattack and announced that all payment processes and internal control mechanisms will be restructured.