Arizona Tribune - Crypto firm accidentally sends $40 bn in bitcoin to users

NYSE - LSE

RBGPF	-2.47%	68.3	$
RYCEF	3.55%	20	$
CMSC	0.19%	20.71	$
RIO	-0.69%	97.37	$
CMSD	0%	20.45	$
GSK	-1.67%	50.22	$
BCE	-1%	22.06	$
BCC	0.21%	75.69	$
NGG	-1.04%	76.8	$
VOD	-3.36%	16.95	$
RELX	-2.9%	33.41	$
JRI	-0.52%	11.55	$
BTI	-0.34%	55.83	$
BP	-1.88%	44.58	$
AZN	-0.04%	166.08	$

Crypto firm accidentally sends $40 bn in bitcoin to users / Photo: Jung Yeon-je - AFP/File

Crypto firm accidentally sends $40 bn in bitcoin to users

THINGS TO KNOW 07.02.2026

A South Korean cryptocurrency exchange apologised on Saturday after mistakenly transferring more than $40 billion worth of bitcoin to users, which briefly prompted a selloff on the platform.

Text size:

Bithumb said it accidentally sent 620,000 bitcoins, currently worth more than $40 billion, and blocked trading and withdrawals for the 695 affected users within 35 minutes after the error occurred on Friday.

According to local reports, Bithumb was meant to send about 2,000 won ($1.37) to each customer as part of a promotion, but mistakenly transferred roughly 2,000 bitcoins per user.

"We sincerely apologise for the inconvenience caused to our customers due to the confusion that occurred during the distribution process of this (promotional) event," Bithumb said in a statement released Saturday.

The platform said it had recovered 99.7 percent of the mistakenly sent bitcoins, and that it would use its own assets to fully cover the amount that was lost in the incident.

It admitted the error briefly caused "sharp volatility" in bitcoin prices on the platform as some recipients sold the tokens, adding that it brought the situation under control within five minutes.

Its charts showed the token's prices briefly went down 17 percent to 81.1 million won on the platform late Friday.

The platform stressed that the incident was "unrelated to external hacking or security breaches".

Bitcoin, the world's biggest cryptocurrency, sank this week, wiping out gains sparked by US President Donald Trump's presidential election victory in November 2024.

W.Nelson--AT

Featured

American Resources Corporation's Electrified Materials Signs Binding LOI to Acquire Blackion, Expanding Critical Materials and Battery Supply Chain Platform

Dateline Files Motion to Resume Operations at Colosseum

Waste Energy Advances Two Strategic Expansion Initiatives as Company Builds Larger Waste Infrastructure Platform

Nine Mile Metals DDH WD-26-11 Intersects 2 High Grade VMS Zones Over 27.6M Including 3.08% CU-EQ Over 10.70M, 3.27% CU-EQ Over 9.30M and 4.30% CU-EQ Over 5.0M