Story perspectives

Bithumb's $44 Billion Bitcoin Blunder: Users Compensated

2/10/2026

Summary

Story summary

Bithumb, a South Korean cryptocurrency exchange, distributed about $44 billion in Bitcoin to 695 users during a February 6, 2026 promotion.
The error arose when an employee entered Bitcoin amounts instead of Korean won, causing 620,000 Bitcoin to transfer.
Trading and withdrawals were suspended.
Bitcoin prices on the exchange dropped 17% before stabilizing.
Bithumb has pledged to reimburse affected users and improve its safeguards.

History

Historical Context

The Bitcoin Cash hard fork on August 1, 2017, emerged from a split within the Bitcoin community over transaction capacity, with supporters advocating for larger block sizes. This fork allowed users to receive one Bitcoin Cash for each Bitcoin held, reflecting the growing adoption of cryptocurrencies, which processed over 200,000 transactions daily. Recent operational errors, like Bithumb's transfer of 620,000 Bitcoin, highlight ongoing risks in the evolving market.

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Story summary

Bithumb, a South Korean cryptocurrency exchange, distributed about $44 billion in Bitcoin to 695 users during a February 6, 2026 promotion.
The error arose when an employee entered Bitcoin amounts instead of Korean won, causing 620,000 Bitcoin to transfer.
Trading and withdrawals were suspended.
Bitcoin prices on the exchange dropped 17% before stabilizing.
Bithumb has pledged to reimburse affected users and improve its safeguards.

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