Bithumb Issues Statement Over Reward Payment Error – Details

bitcoinistPublicado em 2026-02-07Última atualização em 2026-02-07

Resumo

South Korean cryptocurrency exchange Bithumb has addressed a significant internal error that resulted in the accidental distribution of 620,000 BTC (worth billions) to 695 users during a promotional event, instead of the intended 2,000 KRW reward. The mistake caused a flash crash of approximately 10% on the exchange as some recipients immediately sold the Bitcoin. Bithumb responded by freezing affected accounts within 35 minutes and has since recovered 99.7% of the overpaid BTC. The exchange confirmed the incident was an operational error, not a security breach, and assured users that all customer assets remain safe. The broader crypto market is also noted to have recovered slightly, with its total capitalization rising to $2.34 trillion.

Korean exchange Bithumb has cleared the air over an internal error that credited certain user wallets with a “concerning” amount of BTC. Notably, this mishap resulted in significant price volatility on the exchange, drawing attention from observing crypto enthusiasts.

Bithumb Moves To Wrap Up Recovery After Overpayment Error

On February 6, Lookonchain, among many crypto commentary accounts, shared that Bithumb had accidentally transferred 2,000 BTC ($134 million) each to users, instead of 2000 KRW ($1.34) in a reward payout. Some recipients immediately sold, causing a 10% flash crash on the Korean exchange, pushing prices briefly to around $55,000.

In a blog post, Bithumb explained the incident as an overpayment that occurred during a promotional event process involving 695 recipients. The exchange stated it had mistakenly transferred 620,000 BTC to these wallets, an error that was immediately noticed, resulting in a swift ban on withdrawals for all affected wallets within 35 minutes of the transaction.

Source: @lookonchain on X

Notably, Bithumb sharply recovered 618,212 BTC, representing 99.7% of the total overpayment amount. Meanwhile, 93% of the 1788 BTC already sold have also been recovered in KRW and other digital assets. According to the exchange, the remaining sold amount that hasn’t been recovered will be covered using company assets. Meanwhile, efforts are underway to ensure such operational errors never recur.

A statement from the exchange said:

Bithumb takes this incident very seriously and will do its utmost to prevent recurrence by redesigning the entire asset payment process and enhancing the internal control system.

Bithumb also kicked against suspicion of external or malicious interference, assuring users that their system remains uncompromised:

They said:

We want to make it clear that this incident is unrelated to any external hacking or security breach, and does not pose any issues with system security or customer asset management. Customer assets are being safely managed as before, and transactions and deposits/withdrawals are currently operating normally.

Crypto Market Overview

In other news, the total crypto market cap has now climbed to $2.34 trillion after a 5.68% gain in the past day. This follows an earlier bloodbath in the week, during which the market cap fell to around $2.19 trillion.

Despite the recent recovery, data from CoinMarketCap shows the digital asset market remains about 45% away from its present cycle all-time high at $4.28 trillion. Market sentiment also continues to reflect caution, with the Crypto Fear and Greed Index currently reading 8, signaling extreme fear among investors.

Total crypto market cap valued at $2.31 trillion on the daily chart | Source: TOTAL chart on Tradingview.com

Featured image from Blocktempo, chart from Tradingview

Perguntas relacionadas

QWhat was the nature of the error that occurred on the Bithumb exchange?

ABithumb accidentally transferred 2,000 BTC (worth $134 million) to 695 users instead of the intended 2,000 KRW (worth $1.34) as part of a reward payout.

QWhat immediate action did Bithumb take after discovering the overpayment error?

ABithumb swiftly banned withdrawals for all affected wallets within 35 minutes of the transaction to prevent further loss of funds.

QHow much of the overpaid BTC has Bithumb successfully recovered?

ABithumb has recovered 618,212 BTC, which is 99.7% of the total overpayment amount. Additionally, 93% of the 1,788 BTC that were already sold have been recovered in KRW and other digital assets.

QDid Bithumb confirm if this incident was a result of a hack or security breach?

ANo, Bithumb explicitly stated that the incident was unrelated to any external hacking or security breach and that it does not pose any issues with system security or customer asset management.

QWhat was the impact of the error on the price of Bitcoin on the Bithumb exchange?

AThe error caused a 10% flash crash on the exchange, briefly pushing Bitcoin prices down to around $55,000 as some recipients immediately sold the BTC they received.

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