"South Korean crypto exchange Bithumb said it mistakenly distributed more than $40 billion worth of Bitcoin to customers during a promotional rewards event, triggering sharp price volatility last week for bitcoin's price. The exchange said the incident occurred when a planned giveaway of small cash rewards was processed incorrectly. Instead of awarding about 2,000 Korean won, or roughly $1.40, some users received at least 2,000 Bitcoin each."
"Bithumb apologized for the mistake and said it has now recovered 99.7% of the excess Bitcoin. The exchange said it restricted trading and withdrawals for 695 affected customers within 35 minutes of the erroneous payout. "We would like to make it clear that this incident is unrelated to external hacking or security breaches," Bithumb said in a statement. "There are no problems with system security or customer asset management.""
Bithumb accidentally distributed roughly 620,000 Bitcoin, valued at about $44 billion, during a promotional rewards event when a small cash giveaway was processed incorrectly. Some users received at least 2,000 BTC instead of about 2,000 Korean won. Bithumb restricted trading and withdrawals for 695 affected accounts within 35 minutes and recovered 99.7% of the excess Bitcoin. A small number of recipients sold or traded coins before restrictions, leaving roughly 125 BTC unrecovered. Bithumb said it will cover the remaining losses with corporate funds and denied any external hacking or security breaches. South Korean regulators signaled reviews and possible on-site inspections.
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