A major mistake at a South Korean exchange has shaken the global Crypto market. The incident briefly turned hundreds of ordinary users into instant millionaires. Some users thought it was a glitch, while others rushed to trade before the system froze.
The problem began at the cryptocurrency exchange Bithumb. The company planned to send a small promotional reward to users. Each customer was supposed to receive 2,000 won, which equals about $1.37. However, a serious operational error caused the exchange to send 2,000 Bitcoins instead.
The mistake triggered one of the biggest payout errors in Crypto history. As a result, 695 users suddenly saw massive Bitcoin balances in their accounts. Some accounts showed millions or even billions of dollars in digital assets. The sudden change left many users confused and shocked.
Bithumb said it detected the error quickly and moved into crisis mode. Within 35 minutes, the exchange froze trading and withdrawals on affected accounts. This step was taken to stop further losses and prevent users from moving the funds.
According to the company, about 620,000 Bitcoins were mistakenly transferred. Bithumb reported that it successfully recovered around 99.7 percent of the funds. Officials said the incident was not caused by hacking or a security breach. They stressed that customer assets and system security were not compromised.
The scale of the mistake drew the attention of South Korean regulators. The Financial Supervisory Service held an emergency meeting to review the case. Authorities said they would investigate if any users tried to misuse or hide the funds.
Bithumb CEO Lee Jae-won publicly apologized for the error. He described the incident as a wake-up call for the company. He said customer trust would now be the top priority.
To address the situation, the exchange promised compensation for affected users. Each customer will receive 20,000 won. Bithumb also plans to waive trading fees and improve customer support. The company said it will upgrade its systems and use artificial intelligence to detect unusual Crypto transactions.
In other news read more about: Bithumb Accidentally Distributes $40 Billion in Bitcoin, Recovers Most Funds
The incident has renewed debate about stronger oversight of Crypto exchanges. Experts say better controls are needed as digital assets become more common in global finance.
