Bithumb Faces Backlash Over $40 Billion Bitcoin Distribution Error
Bithumb's $40 Billion Bitcoin Error
In a shocking turn of events, Bithumb, one of South Korea's largest cryptocurrency exchanges, accidentally distributed over $40 billion in bitcoin as promotional rewards. This mishap has led to significant bitcoin price volatility and widespread panic selling bitcoin among its users. Despite this turmoil, Bithumb quickly moved to restrict trading and withdrawals for the impacted customers, claiming to have recovered 99.7% of the mistakenly distributed 620,000 bitcoins.
Clarification and Customer Assurance
In a statement, Bithumb expressed, “We want to make it clear that this incident is unrelated to any external hacking or security breaches.” The exchange emphasized that there remain no issues with system security or customer asset management. Originally, Bithumb intended to distribute smaller cash rewards as part of a promotional campaign but mistakenly allocated the bitcoin.
Impact on the Crypto Market
This crisis raises concerns regarding crypto exchange crisis, and the financial services commission may intervene as the ripple effects continue to unfold. Investors are closely monitoring the bitcoin trading withdrawal policies to assess the exchange's credibility.
- Bitcoin Mistake Overview
- Customer Reactions
- Future Security Measures
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.