"Bithumb intended to distribute a total of $418,500 to 249 winners. Instead of entering the amount in Korean won, an employee mistakenly designated the payout in bitcoin, resulting in the distribution of 620,000 BTC."
"Following the incident, South Korea's Financial Supervisory Service (FSS) initiated an inspection of Bithumb's internal systems to determine whether the exchange breached the country's virtual asset protection laws."
"While Bithumb managed to cancel the majority of the transactions within minutes, several users moved quickly to sell the coins or convert them to other assets."
Bithumb, a South Korean cryptocurrency exchange, mistakenly distributed 620,000 BTC due to a clerical error during a promotional event on February 6, 2026. The intended payout was $418,500, but an employee incorrectly entered the amount in bitcoin. Following the incident, the Financial Supervisory Service (FSS) inspected Bithumb's systems to assess compliance with virtual asset protection laws. Bithumb is seeking a provisional seizure of assets to recover 7 BTC, currently valued at over $472,500, while regulators consider stricter rules for the industry.
Read at news.bitcoin.com
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