Accidentally transferred billions: Bitcoin plummeted in the short term

The South Korean one Crypto exchange Bithumb accidentally gave Bitcoins worth around $44 billion (€37.31 billion) to customers transferred.

“This incident is not related to hacker attacks or security vulnerabilities,” Bithumb said on Saturday. In a promotion, 695 customers were supposed to receive small cash rewards of 2,000 Korean won (1.16 euros), but instead received at least 2,000 Bitcoins each.

Sorry from Bithumb

Friday’s error led to a sell-off that briefly caused the Bitcoin price on the stock market to collapse by 17 percent.

Bithumb apologized and says it has now recovered 99.7 percent of the 620,000 Bitcoins that were distributed in error. Bithumb is the second largest cryptocurrency trading platform in South Korea after Upbit.

By Editor