Bithumb’s $44B Bitcoin Error Disrupts Crypto Markets

On Friday, Bithumb, a major cryptocurrency exchange in South Korea, experienced a significant error during a promotional event. The exchange intended to reward customers with a bonus of 2,000 Korean won, approximately $1.37. However, a distribution mistake led to an extraordinary situation where selected winners were credited with at least 2,000 bitcoins each.

Bithumb’s Distribution Error Impact

This error resulted in a staggering total of around 620,000 bitcoins being wrongly allocated. At current market values, this amounts to nearly $44 billion. The oversight has raised concerns and discussions within the crypto markets.

Details of the Promotion

• Exchange: Bithumb
• Location: South Korea
• Original Bonus: 2,000 Korean won (about $1.37)
• Credits Mistakenly Given: 2,000 bitcoins each
• Total Bitcoin Affected: Approximately 620,000 bitcoins
• Estimated Value of Error: $44 billion

The incident highlights the volatility and risks associated with cryptocurrency transactions. As Bithumb addresses this error, the reaction across crypto markets will be closely observed.