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$42 BILLION BLUNDER: HOW ONE EMPLOYEE ALMOST CRASHED BITHUMB! 🚨💀
Imagine trying to send someone $423 but accidentally hitting the "Bitcoin" button instead of "Cash" and sending them $42 BILLION instead. It sounds like a bad movie plot, but it just happened at Bithumb, South Korea’s second-largest crypto exchange.
WHAT THE HELL HAPPENED? 📉
On February 6, a promotional event turned into the biggest financial disaster in crypto history. Bithumb was supposed to reward 695 users with 620,000 Korean Won ($423 each) as a prize.
But instead of selecting the local currency, a clueless employee selected Bitcoin. He sent 620,000 BTC to those users. To put that in perspective, that is roughly $42,000,000,000! One click, and the company’s entire treasury was basically handed out to strangers.
THE CHAOS THAT FOLLOWED 🏃♂️💨
The Reaction: 249 lucky (or unlucky) users opened their reward boxes and saw life-changing wealth.
The Escape: While Bithumb managed to claw back 99.7% of the funds, 86 users weren't waiting around. They sold 1,788 BTC or withdrew them before the exchange could hit the "undo" button.
The Debt: Now, $9 million worth of Bitcoin is still missing. Bithumb is desperately chasing these people down, one by one, demanding their money back.
THE CONSEQUENCES: PRISON OR POVERTY? 🏛️
This isn't just a "lucky win." The Governor of South Korea’s Financial Supervisory Service (FSS), Lee Bok-hyun, has called this a catastrophic failure of internal controls. Experts are warning that anyone who sold those Bitcoins could face criminal charges. Since crypto isn't fully protected under South Korean criminal law in this context, these users are in a massive legal gray area and could lose everything.
The Bottom Line: This is what happens when a multi-billion dollar exchange has the security of a lemonade stand. One human error, one wrong button, and billions vanish.
STAY SHARP. If an exchange sends you billions by mistake, don't celebrate—lawyers and hackers are already on your tail.
FOLLOW for the craziest market updates and whale-sized blunders.
What would YOU do if you woke up with 620,000 BTC? Let us know in the comments! 👇
$BTC
$ETH
$ESP
#Koreanexchange #BitHumb #CPIWatch #MistakeBTC #ErrorBithumb
WHAT THE HELL HAPPENED? 📉
On February 6, a promotional event turned into the biggest financial disaster in crypto history. Bithumb was supposed to reward 695 users with 620,000 Korean Won ($423 each) as a prize.
But instead of selecting the local currency, a clueless employee selected Bitcoin. He sent 620,000 BTC to those users. To put that in perspective, that is roughly $42,000,000,000! One click, and the company’s entire treasury was basically handed out to strangers.
THE CHAOS THAT FOLLOWED 🏃♂️💨
The Reaction: 249 lucky (or unlucky) users opened their reward boxes and saw life-changing wealth.
The Escape: While Bithumb managed to claw back 99.7% of the funds, 86 users weren't waiting around. They sold 1,788 BTC or withdrew them before the exchange could hit the "undo" button.
The Debt: Now, $9 million worth of Bitcoin is still missing. Bithumb is desperately chasing these people down, one by one, demanding their money back.
THE CONSEQUENCES: PRISON OR POVERTY? 🏛️
This isn't just a "lucky win." The Governor of South Korea’s Financial Supervisory Service (FSS), Lee Bok-hyun, has called this a catastrophic failure of internal controls. Experts are warning that anyone who sold those Bitcoins could face criminal charges. Since crypto isn't fully protected under South Korean criminal law in this context, these users are in a massive legal gray area and could lose everything.
The Bottom Line: This is what happens when a multi-billion dollar exchange has the security of a lemonade stand. One human error, one wrong button, and billions vanish.
STAY SHARP. If an exchange sends you billions by mistake, don't celebrate—lawyers and hackers are already on your tail.
FOLLOW for the craziest market updates and whale-sized blunders.
What would YOU do if you woke up with 620,000 BTC? Let us know in the comments! 👇
$BTC
$ETH
$ESP
#Koreanexchange #BitHumb #CPIWatch #MistakeBTC #ErrorBithumb
On nous ment sur la limite de 21M BTC ??? 🤔
L'incident survenu chez Bithumb en février 2026 a fait l'effet d'une bombe : 620 000 BTC (soit environ 44 milliards de dollars) distribués par erreur à quelques centaines d'utilisateurs. Pour beaucoup, ce "bug" a soulevé une question existentielle : si une plateforme peut créer des centaines de milliers de Bitcoins d'un simple clic, la limite mythique des 21 millions est-elle une illusion ?
• Sur l'échange (Off-chain) : Ce que vous voyez sur votre écran Bithumb ou Binance n'est qu'une ligne de code dans une base de données privée. L'échange vous "doit" du Bitcoin, mais il peut techniquement afficher ce qu'il veut (par erreur ou malveillance). C'est ce qu'on appelle le Bitcoin papier.
• Sur le réseau (On-chain) : La blockchain Bitcoin, elle, est restée totalement impassible. Aucun des 620 000 BTC "créés" par Bithumb n'a été validé par les mineurs ou les nœuds du réseau mondial. Pour le protocole, ces Bitcoins n'ont jamais existé.
Si l'incident n'a pas cassé le Bitcoin, il a failli casser Bithumb. Lorsque les utilisateurs ont commencé à vendre ces Bitcoins "gratuits", le prix sur la plateforme a chuté de 17 % car l'échange ne pouvait pas honorer la contrepartie financière.
Cela prouve une chose : si tous les détenteurs de Bitcoin sur les échanges demandaient leurs fonds en même temps (un "bank run"), on découvrirait peut-être que beaucoup d'autres plateformes pratiquent des réserves fractionnaires, créant ainsi une offre artificielle qui n'existe pas sur la blockchain.
CONCLUSION :
L'incident Bithumb ne remet pas en cause la rareté mathématique du Bitcoin, mais il souligne la fragilité des intermédiaires centralisés.
La limite des 21 millions est la règle d'or du protocole, mais elle ne s'applique qu'aux Bitcoins que vous détenez dans votre propre portefeuille (Cold wallet). Tant que vos jetons sont sur un échange, vous ne les possédez pas réellement , mais seulement une promesse de remboursement qui peut être victime d'une simple erreur de saisie.
$BTC
#BTC #Bithumb
• Sur l'échange (Off-chain) : Ce que vous voyez sur votre écran Bithumb ou Binance n'est qu'une ligne de code dans une base de données privée. L'échange vous "doit" du Bitcoin, mais il peut techniquement afficher ce qu'il veut (par erreur ou malveillance). C'est ce qu'on appelle le Bitcoin papier.
• Sur le réseau (On-chain) : La blockchain Bitcoin, elle, est restée totalement impassible. Aucun des 620 000 BTC "créés" par Bithumb n'a été validé par les mineurs ou les nœuds du réseau mondial. Pour le protocole, ces Bitcoins n'ont jamais existé.
Si l'incident n'a pas cassé le Bitcoin, il a failli casser Bithumb. Lorsque les utilisateurs ont commencé à vendre ces Bitcoins "gratuits", le prix sur la plateforme a chuté de 17 % car l'échange ne pouvait pas honorer la contrepartie financière.
Cela prouve une chose : si tous les détenteurs de Bitcoin sur les échanges demandaient leurs fonds en même temps (un "bank run"), on découvrirait peut-être que beaucoup d'autres plateformes pratiquent des réserves fractionnaires, créant ainsi une offre artificielle qui n'existe pas sur la blockchain.
CONCLUSION :
L'incident Bithumb ne remet pas en cause la rareté mathématique du Bitcoin, mais il souligne la fragilité des intermédiaires centralisés.
La limite des 21 millions est la règle d'or du protocole, mais elle ne s'applique qu'aux Bitcoins que vous détenez dans votre propre portefeuille (Cold wallet). Tant que vos jetons sont sur un échange, vous ne les possédez pas réellement , mais seulement une promesse de remboursement qui peut être victime d'une simple erreur de saisie.
$BTC
#BTC #Bithumb
Ôëàshōdāslsmÿ:
''Exige des preuves de réserves transparentes. La blockchain est infaillible, pas les plateformes."
🚨 ¡BOMBAZO MUNDIAL! ¿Error de $40,000 MILLONES en Bitcoin? 😱
"¡No puedo creer lo que acaba de pasar! El exchange surcoreano Bithumb acaba de cometer el que podría ser el error más caro de la historia cripto. Por un fallo en un sorteo, ¡repartieron accidentalmente más de $40 mil millones en Bitcoin!
Las autoridades ya están investigando y el exchange ha tenido que salir a dar explicaciones sobre la 'deficiencia en sus controles'. Imaginen entrar a su cuenta y ver miles de millones de dólares por error... 🤯
Mientras tanto, el mercado reacciona: Bitcoin lucha por mantenerse en los $69,000 tras un rebote del 4% hoy. ¿Creen que este tipo de errores institucionales dañan la confianza en el sector o es solo un tropiezo técnico?
¡Díganme qué harían ustedes si reciben mil millones por error en su wallet! 👇🔥$BTC
#BreakingNews #Bitcoin #Bithumb #CryptoError #BTC"
"¡No puedo creer lo que acaba de pasar! El exchange surcoreano Bithumb acaba de cometer el que podría ser el error más caro de la historia cripto. Por un fallo en un sorteo, ¡repartieron accidentalmente más de $40 mil millones en Bitcoin!
Las autoridades ya están investigando y el exchange ha tenido que salir a dar explicaciones sobre la 'deficiencia en sus controles'. Imaginen entrar a su cuenta y ver miles de millones de dólares por error... 🤯
Mientras tanto, el mercado reacciona: Bitcoin lucha por mantenerse en los $69,000 tras un rebote del 4% hoy. ¿Creen que este tipo de errores institucionales dañan la confianza en el sector o es solo un tropiezo técnico?
¡Díganme qué harían ustedes si reciben mil millones por error en su wallet! 👇🔥$BTC
#BreakingNews #Bitcoin #Bithumb #CryptoError #BTC"
$BTC
Bithumb mistakenly distributed 620,000 BTC (worth ~$40 billion) $1
due to a "fat-finger" error. South Korean regulators cite "unjust enrichment" laws, requiring users to return funds. $RIVER
Legality hinges on whether users knowingly exploited the error. Bithumb has already recovered 99.7% of the assets.
#Bithumb
Bithumb mistakenly distributed 620,000 BTC (worth ~$40 billion) $1
due to a "fat-finger" error. South Korean regulators cite "unjust enrichment" laws, requiring users to return funds. $RIVER
Legality hinges on whether users knowingly exploited the error. Bithumb has already recovered 99.7% of the assets.
#Bithumb
Bithumb’s $40B $BTC Blunder Sends Shockwaves Through Crypto Markets
Centralized exchange Bithumb accidentally credited users with ~$40 billion worth of Bitcoin due to a system/configuration error, triggering a sharp local price drop, a regulatory uproar, and renewed questions over exchange risk controls and crypto oversight.
What Actually Happened
In a routine “Random Box” promotional event, Bithumb intended to reward users with tiny Korean-won amounts (~₩2,000 ≈ $1.40), but due to a critical input/configuration error, the system erroneously credited accounts with $BTC instead of KRW — roughly 620,000 BTC in total (~$40 billion in implied value).
Because this was an internal ledger accounting mistake (not an on-chain issuance), the “ghost” bitcoins weren’t real on the blockchain — but they appeared in user balances.
Market Impact
The error lasted minutes before detection — during that window, recipients sold about 1,788 BTC, creating heavy sell pressure and pushing Bitcoin’s price on Bithumb down roughly 15–17% versus global levels. Trading and withdrawals were quickly frozen.
Bithumb has since recovered ~99.7% of the mis-credited bitcoins through internal ledger reversals and user cooperation, though roughly ~125–1,800 $BTC (≈$9M) remains unrecovered and will be covered by the exchange.
Regulatory & Industry Fallout
South Korean lawmakers and regulators have launched full investigations, with parliamentary hearings and potential regulatory tightening now high on the agenda.
The Financial Supervisory Service (FSS) has openly criticized weak internal controls and is pushing for bank-level oversight standards in the crypto industry.
What It Means
Exchanges Aren’t Perfect: This incident highlights deep operational risk at centralized platforms where internal systems can “create” massive unintended balances.
Market Fragility: Even non-blockchain errors can produce real price moves when they trigger automated selling and panic.
#BTC #Bithumb #BithumbNews
Centralized exchange Bithumb accidentally credited users with ~$40 billion worth of Bitcoin due to a system/configuration error, triggering a sharp local price drop, a regulatory uproar, and renewed questions over exchange risk controls and crypto oversight.
What Actually Happened
In a routine “Random Box” promotional event, Bithumb intended to reward users with tiny Korean-won amounts (~₩2,000 ≈ $1.40), but due to a critical input/configuration error, the system erroneously credited accounts with $BTC instead of KRW — roughly 620,000 BTC in total (~$40 billion in implied value).
Because this was an internal ledger accounting mistake (not an on-chain issuance), the “ghost” bitcoins weren’t real on the blockchain — but they appeared in user balances.
Market Impact
The error lasted minutes before detection — during that window, recipients sold about 1,788 BTC, creating heavy sell pressure and pushing Bitcoin’s price on Bithumb down roughly 15–17% versus global levels. Trading and withdrawals were quickly frozen.
Bithumb has since recovered ~99.7% of the mis-credited bitcoins through internal ledger reversals and user cooperation, though roughly ~125–1,800 $BTC (≈$9M) remains unrecovered and will be covered by the exchange.
Regulatory & Industry Fallout
South Korean lawmakers and regulators have launched full investigations, with parliamentary hearings and potential regulatory tightening now high on the agenda.
The Financial Supervisory Service (FSS) has openly criticized weak internal controls and is pushing for bank-level oversight standards in the crypto industry.
What It Means
Exchanges Aren’t Perfect: This incident highlights deep operational risk at centralized platforms where internal systems can “create” massive unintended balances.
Market Fragility: Even non-blockchain errors can produce real price moves when they trigger automated selling and panic.
#BTC #Bithumb #BithumbNews
🚨 UPDATE: Bithumb $BTC Incident
Some Bithumb users might be asked to return Bitcoin that was mistakenly credited during a recent issue.$ZRO
Regulators say users who sold the accidentally received BTC could be legally obligated to give it back. Legal experts mention that “unjust enrichment” laws usually support Bithumb’s position, since the promotion did not promise such large BTC rewards.$STG
Now, the main legal question is whether users were aware that the payout was an error before they decided to sell. 💥
#Bithumb #Bitcoin
Some Bithumb users might be asked to return Bitcoin that was mistakenly credited during a recent issue.$ZRO
Regulators say users who sold the accidentally received BTC could be legally obligated to give it back. Legal experts mention that “unjust enrichment” laws usually support Bithumb’s position, since the promotion did not promise such large BTC rewards.$STG
Now, the main legal question is whether users were aware that the payout was an error before they decided to sell. 💥
#Bithumb #Bitcoin
🚨 UPDATE: Bithumb Users Could Be Asked to Return BTC Sent by Mistake
Regulators say that users who received Bitcoin during Bithumb’s recent incident — and later sold it — might be legally required to give it back.
Legal experts explain that under “unjust enrichment” laws, the case may support Bithumb, since the promotion did not promise such a large BTC payout.
The main legal question now is whether users were aware that the Bitcoin was sent in error before they decided to sell it.
$NIL $ZRO $STG
#Bithumb #BTC #CryptoNews #CryptoUpdate #Regulation
Regulators say that users who received Bitcoin during Bithumb’s recent incident — and later sold it — might be legally required to give it back.
Legal experts explain that under “unjust enrichment” laws, the case may support Bithumb, since the promotion did not promise such a large BTC payout.
The main legal question now is whether users were aware that the Bitcoin was sent in error before they decided to sell it.
$NIL $ZRO $STG
#Bithumb #BTC #CryptoNews #CryptoUpdate #Regulation
BITHUMB IMPLODES: $44 BILLION GONE!
South Korea's regulators are on Bithumb. A full-scale inspection is underway. They're digging into a colossal $44 billion bitcoin overpayment blunder. Custody and control failures are under the microscope. This is massive. The financial watchdogs are not playing games. This probe could shake the entire market.
Disclaimer: This is not financial advice.
#Bithumb #CryptoNews #MarketCrash 🚨
South Korea's regulators are on Bithumb. A full-scale inspection is underway. They're digging into a colossal $44 billion bitcoin overpayment blunder. Custody and control failures are under the microscope. This is massive. The financial watchdogs are not playing games. This probe could shake the entire market.
Disclaimer: This is not financial advice.
#Bithumb #CryptoNews #MarketCrash 🚨
🚨 BREAKING CRYPTO STORY — MASSIVE BITCOIN ERROR AT BITHUMB
🇰🇷 South Korea’s 2ndlargest exchange accidentally credited users with 620,000 BTC (~$40 bn) during a promotional event — far more than intended.
📍 The event (Feb 6, 2026):
• Bithumb meant to give users a small reward in Korean won (~₩2,000 ≈ $1.40).
• Instead, due to a clerical unit entry mistake, the system credited 620,000 BTC into hundreds of accounts.
⚠️ The error briefly allowed phantom Bitcoin 🔄 to appear on balances and even trade in the internal order book, causing a price slump of up to ~17 % on Bithumb before it froze trades and withdrawals.
📊 RECOVERY & IMPACT
✔ Bithumb recovered ~99.7 % of the 620,000 BTC after freezing accounts and reversing the credits — most of the phantom BTC disappeared from the system.
✔ About 1,788 BTC (~$125 M) were sold / withdrawn before the freeze, and roughly 125 BTC (~$9 M) remain unrecovered.
✔ Regulators view the incident as a systemic risk issue, leading to investigations and emergency hearings by South Korea’s Financial Supervisory Service (FSS).
📌 Officials have said the glitch isn’t a hack — it was a human + system control error, exposing deep weaknesses in internal exchange accounting and verification processes.
📌 KEY TAKEAWAYS
• A simple data entry error turned into a ~$40 bn crypto mistake.
• Nearly all funds were recovered, but a small portion remains unrecovered.
• Regulators are holding hearings & probing exchange safeguards.
• The case highlights risks of internal controls on centralized platforms.
— Aswath Ravindran
#CryptoNews #bitcoin #Bithumb #error #blockchain
🇰🇷 South Korea’s 2ndlargest exchange accidentally credited users with 620,000 BTC (~$40 bn) during a promotional event — far more than intended.
📍 The event (Feb 6, 2026):
• Bithumb meant to give users a small reward in Korean won (~₩2,000 ≈ $1.40).
• Instead, due to a clerical unit entry mistake, the system credited 620,000 BTC into hundreds of accounts.
⚠️ The error briefly allowed phantom Bitcoin 🔄 to appear on balances and even trade in the internal order book, causing a price slump of up to ~17 % on Bithumb before it froze trades and withdrawals.
📊 RECOVERY & IMPACT
✔ Bithumb recovered ~99.7 % of the 620,000 BTC after freezing accounts and reversing the credits — most of the phantom BTC disappeared from the system.
✔ About 1,788 BTC (~$125 M) were sold / withdrawn before the freeze, and roughly 125 BTC (~$9 M) remain unrecovered.
✔ Regulators view the incident as a systemic risk issue, leading to investigations and emergency hearings by South Korea’s Financial Supervisory Service (FSS).
📌 Officials have said the glitch isn’t a hack — it was a human + system control error, exposing deep weaknesses in internal exchange accounting and verification processes.
📌 KEY TAKEAWAYS
• A simple data entry error turned into a ~$40 bn crypto mistake.
• Nearly all funds were recovered, but a small portion remains unrecovered.
• Regulators are holding hearings & probing exchange safeguards.
• The case highlights risks of internal controls on centralized platforms.
— Aswath Ravindran
#CryptoNews #bitcoin #Bithumb #error #blockchain
The Bithumb ‘Ghost Bitcon’ fiasco was a wild ride. 620,000 BTC accidentally distributed? That’s 3% of the supply 🤯. Although 99.7% has been recovered,the market is still shaking off the FUD. Bernstein analyst are doubling down on their $150K year end target. While the crowd is in “Extreme Fear”,i”m watching the whales.🐳. Buy the blood,or wait for more clarity?📉. #bithumb $BTC
Bithumb’s Bitcoin Overpayment: What the Incident Reveals About Exchange Risk
S
● A breakdown of Bithumb’s 620,000 BTC error, how it was contained, management.
Bithumb’s Bitcoin Overpayment: What Really Happened and Why It Matters
How a 620,000 BTC Error Shook the Market—and What Traders Should Learn
Introduction
Crypto markets move fast, but sometimes operational mistakes move even faster. On February 6, South Korean exchange Bithumb accidentally distributed 620,000 Bitcoin during an event reward payout. Within minutes, Bitcoin prices briefly plunged, panic selling followed, and the exchange was forced into emergency controls.
This incident wasn’t a hack. It was a system and human error—and that distinction matters.
What Happened
Bithumb confirmed the issue was caused by a quantity input error during an internal reward distribution. Its automated monitoring system flagged abnormal activity within 20 minutes, and withdrawals were fully blocked within 35 minutes.
As a result, 618,212 BTC (99.7%) was successfully recovered. Most of the remaining BTC had already been sold internally, and over 93% of those funds were later reclaimed. No external wallet transfers were confirmed.
How Bithumb Responded
The exchange moved quickly on damage control:
110% compensation for users who panic-sold during the crash window
KRW 20,000 compensation for all active users during the incident
Zero trading fees for 7 days
A permanent KRW 100 billion customer protection fund
Bithumb also announced stronger multi-step payment verification and an upgraded AI-based transaction monitoring system.
Why This Matters for Traders
This event highlights a key reality: exchange risk isn’t only #Bithumb #peacecryptotrading #writetoearn
S
● A breakdown of Bithumb’s 620,000 BTC error, how it was contained, management.
Bithumb’s Bitcoin Overpayment: What Really Happened and Why It Matters
How a 620,000 BTC Error Shook the Market—and What Traders Should Learn
Introduction
Crypto markets move fast, but sometimes operational mistakes move even faster. On February 6, South Korean exchange Bithumb accidentally distributed 620,000 Bitcoin during an event reward payout. Within minutes, Bitcoin prices briefly plunged, panic selling followed, and the exchange was forced into emergency controls.
This incident wasn’t a hack. It was a system and human error—and that distinction matters.
What Happened
Bithumb confirmed the issue was caused by a quantity input error during an internal reward distribution. Its automated monitoring system flagged abnormal activity within 20 minutes, and withdrawals were fully blocked within 35 minutes.
As a result, 618,212 BTC (99.7%) was successfully recovered. Most of the remaining BTC had already been sold internally, and over 93% of those funds were later reclaimed. No external wallet transfers were confirmed.
How Bithumb Responded
The exchange moved quickly on damage control:
110% compensation for users who panic-sold during the crash window
KRW 20,000 compensation for all active users during the incident
Zero trading fees for 7 days
A permanent KRW 100 billion customer protection fund
Bithumb also announced stronger multi-step payment verification and an upgraded AI-based transaction monitoring system.
Why This Matters for Traders
This event highlights a key reality: exchange risk isn’t only #Bithumb #peacecryptotrading #writetoearn
Bithumb’s $43B Mistake: Why the FSS is Stepping In 🚨
The crypto world is reeling after South Korea’s second-largest exchange, Bithumb, turned a routine marketing campaign into a $43 billion nightmare. On February 6, 2026, an employee intended to reward users with 2,000 Korean won (~$1.40) but accidentally entered the unit as BTC.
In an instant, 695 users were credited with 2,000 BTC each. Collectively, the exchange "created" 620,000 "ghost bitcoins"—roughly 3% of the total global supply—out of thin air.
🔍 Ledger vs. Reality
This wasn’t a hack or a blockchain exploit; it was a catastrophic failure of internal controls.
The "Ghost" Factor: The 620,000 BTC existed only on Bithumb’s internal accounting ledger. In reality, the exchange holds fewer than 43,000 BTC in its actual reserves.
The Fallout: Before the exchange could freeze accounts, some users sold their "windfall," causing a localized flash crash on Bithumb as prices plummeted 18% below global market rates.
🏛️ The FSS Probe
South Korea's Financial Supervisory Service (FSS) has launched an emergency on-site inspection. Regulators are rightfully asking: How does a system allow the distribution of assets that do not exist? This incident has exposed a "regulatory blind spot" in how centralized exchanges (CEXs) manage their internal books versus their actual on-chain custody.
💡 The Lesson for Traders
This is a wake-up call regarding the "Glass House" nature of CEXs. While Bithumb has recovered 99.7% of the coins, the fact that "phantom" assets could move the market highlights the urgent need for real-time, automated reserve audits.
Does this prove we need stricter, real-time exchange audits, or is "Not your keys, not your coins" the only real solution? 👇
#Bithumb
The crypto world is reeling after South Korea’s second-largest exchange, Bithumb, turned a routine marketing campaign into a $43 billion nightmare. On February 6, 2026, an employee intended to reward users with 2,000 Korean won (~$1.40) but accidentally entered the unit as BTC.
In an instant, 695 users were credited with 2,000 BTC each. Collectively, the exchange "created" 620,000 "ghost bitcoins"—roughly 3% of the total global supply—out of thin air.
🔍 Ledger vs. Reality
This wasn’t a hack or a blockchain exploit; it was a catastrophic failure of internal controls.
The "Ghost" Factor: The 620,000 BTC existed only on Bithumb’s internal accounting ledger. In reality, the exchange holds fewer than 43,000 BTC in its actual reserves.
The Fallout: Before the exchange could freeze accounts, some users sold their "windfall," causing a localized flash crash on Bithumb as prices plummeted 18% below global market rates.
🏛️ The FSS Probe
South Korea's Financial Supervisory Service (FSS) has launched an emergency on-site inspection. Regulators are rightfully asking: How does a system allow the distribution of assets that do not exist? This incident has exposed a "regulatory blind spot" in how centralized exchanges (CEXs) manage their internal books versus their actual on-chain custody.
💡 The Lesson for Traders
This is a wake-up call regarding the "Glass House" nature of CEXs. While Bithumb has recovered 99.7% of the coins, the fact that "phantom" assets could move the market highlights the urgent need for real-time, automated reserve audits.
Does this prove we need stricter, real-time exchange audits, or is "Not your keys, not your coins" the only real solution? 👇
#Bithumb
$40B Crypto Credit Error Shakes Bithumb as Regulators Launch Probe $BTC $ETH $USDC
#Bithumb #Bitcoin #cryptoexchange #BTCtrading #digitalassets
South Korean cryptocurrency exchange Bithumb is under regulatory scrutiny after a major internal error led to the accidental crediting of roughly $40 billion worth of Bitcoin to user accounts. The issue began during a small promotional payout when an employee mistakenly entered rewards in Bitcoin instead of Korean won. As a result, hundreds of users briefly saw large Bitcoin balances appear in their accounts.
The exchange identified the problem within about 20 minutes, but during that window, some users managed to trade portions of the mistakenly credited assets. Bithumb reported that although thousands of Bitcoins were sold internally, none were actually transferred out of the platform’s custody. The company says it has already recovered most of the affected value and covered the remainder using its own reserves.
South Korea’s Financial Supervisory Service has started on-site inspections and may open a formal investigation if rule violations are confirmed. Officials noted that the incident highlights weaknesses in internal ledger controls used by centralized exchanges, where trades are recorded off-chain before final settlement.
In response, Bithumb announced tighter safeguards, including multi-step approval procedures for asset distributions. Industry regulators and exchange alliances are now pushing for stricter control standards similar to those used in traditional finance.
#Bithumb #Bitcoin #cryptoexchange #BTCtrading #digitalassets
South Korean cryptocurrency exchange Bithumb is under regulatory scrutiny after a major internal error led to the accidental crediting of roughly $40 billion worth of Bitcoin to user accounts. The issue began during a small promotional payout when an employee mistakenly entered rewards in Bitcoin instead of Korean won. As a result, hundreds of users briefly saw large Bitcoin balances appear in their accounts.
The exchange identified the problem within about 20 minutes, but during that window, some users managed to trade portions of the mistakenly credited assets. Bithumb reported that although thousands of Bitcoins were sold internally, none were actually transferred out of the platform’s custody. The company says it has already recovered most of the affected value and covered the remainder using its own reserves.
South Korea’s Financial Supervisory Service has started on-site inspections and may open a formal investigation if rule violations are confirmed. Officials noted that the incident highlights weaknesses in internal ledger controls used by centralized exchanges, where trades are recorded off-chain before final settlement.
In response, Bithumb announced tighter safeguards, including multi-step approval procedures for asset distributions. Industry regulators and exchange alliances are now pushing for stricter control standards similar to those used in traditional finance.
🚨 ISOLATED STORY: The "Phantom Bitcoin" Crisis at Bithumb
While the public headline is a "fat-finger error," the breaking, non-public development circulating among institutional desks is that this is actually a solvency crisis involving "Paper Bitcoin."
1. The Official Narrative (What everyone knows)
Bithumb, a major South Korean exchange, accidentally credited 620,000 BTC (approx. $43 billion) to user accounts during a "Random Box" promotional event. The exchange claims it was a simple data entry error where an employee entered "Bitcoin" instead of "Korean Won" as the reward unit.
2. The "Unpublished" Breaking Intel (The Alpha)
The Financial Supervisory Service (FSS) has just escalated its probe to a "Formal Investigation" as of this hour.
Sources close to the investigation indicate the regulator has discovered a critical systemic failure: Bithumb’s internal ledger allowed the creation of Bitcoin that did not exist in their cold wallets.
The Fear: This confirms the existence of "Phantom Bitcoin" (or naked shorting) on the exchange. The 620,000 BTC credited was 15x the exchange's entire actual Bitcoin holdings (approx. 42,000 BTC).
The Contagion: The market is crashing not because of the error itself, but because institutions are now panic-selling to audit other exchanges, fearing that "Paper Bitcoin" is widespread across the Asian crypto market.
3. Immediate Market Impact
Price: This panic has driven Bitcoin below $60,000 and Ethereum to ~$2,150.
User Alert (ETH Long): I recall you opened a 20x Long on ETH in January. With ETH plummeting to the $2,150 range today, this position is at critical risk of liquidation if it hasn't been closed already. The "wick" down was violent and driven by this specific Bithumb liquidation cascade.
What to watch next👇
The FSS is reportedly preparing to audit Upbit and Korbit next.
If they announce a probe into Upbit (South Korea's largest exchange), we could see another double-digit percentage drop immediately.
#Write2Earn #Bithumb #BitcoinCrash $BTC #BinanceSquare
While the public headline is a "fat-finger error," the breaking, non-public development circulating among institutional desks is that this is actually a solvency crisis involving "Paper Bitcoin."
1. The Official Narrative (What everyone knows)
Bithumb, a major South Korean exchange, accidentally credited 620,000 BTC (approx. $43 billion) to user accounts during a "Random Box" promotional event. The exchange claims it was a simple data entry error where an employee entered "Bitcoin" instead of "Korean Won" as the reward unit.
2. The "Unpublished" Breaking Intel (The Alpha)
The Financial Supervisory Service (FSS) has just escalated its probe to a "Formal Investigation" as of this hour.
Sources close to the investigation indicate the regulator has discovered a critical systemic failure: Bithumb’s internal ledger allowed the creation of Bitcoin that did not exist in their cold wallets.
The Fear: This confirms the existence of "Phantom Bitcoin" (or naked shorting) on the exchange. The 620,000 BTC credited was 15x the exchange's entire actual Bitcoin holdings (approx. 42,000 BTC).
The Contagion: The market is crashing not because of the error itself, but because institutions are now panic-selling to audit other exchanges, fearing that "Paper Bitcoin" is widespread across the Asian crypto market.
3. Immediate Market Impact
Price: This panic has driven Bitcoin below $60,000 and Ethereum to ~$2,150.
User Alert (ETH Long): I recall you opened a 20x Long on ETH in January. With ETH plummeting to the $2,150 range today, this position is at critical risk of liquidation if it hasn't been closed already. The "wick" down was violent and driven by this specific Bithumb liquidation cascade.
What to watch next👇
The FSS is reportedly preparing to audit Upbit and Korbit next.
If they announce a probe into Upbit (South Korea's largest exchange), we could see another double-digit percentage drop immediately.
#Write2Earn #Bithumb #BitcoinCrash $BTC #BinanceSquare
🚨 ESCÂNDALO NA BITHUMB: O Erro de US$ 40 Bilhões que Abalou a Coreia
O mercado cripto acaba de presenciar um dos maiores erros operacionais da história. A Bithumb, segunda maior exchange da Coreia do Sul, transformou um brinde de US$ 1,38 em um depósito de 2.000 BTC por usuário.
📉 O Impacto Imediato
Diferente de um erro comum, este incidente gerou uma pressão de venda artificial massiva. Usuários liquidaram os fundos imediatamente, causando um "crash" localizado no preço do $BTC dentro da plataforma.
O que os profissionais estão observando:
Falta de Lastro: A exchange enviou 620.000 BTC que não existiam em seus livros. Isso expõe uma fragilidade crítica nos controles internos.
Risco Regulatório: A Coreia do Sul tem uma das legislações mais rígidas do mundo. O SSF (Serviço de Supervisão Financeira) já iniciou uma investigação que pode resultar em multas pesadas ou até suspensão de licenças.
Lição de Custódia: O evento reforça o ditado "Not your keys, not your crypto". Falhas em sistemas centralizados (CEX) ainda são o "calcanhar de Aquiles" do setor.
🔍 Minha Análise
Este não é um problema da rede Bitcoin, mas sim de gestão de risco institucional. O fato de parlamentares usarem o erro para classificar cripto como "ameaça à estabilidade" pode acelerar leis ainda mais severas na Ásia, impactando a liquidez global.
💬 Pergunta para a comunidade: Vocês acham que as exchanges centralizadas deveriam passar por auditorias de sistemas em tempo real para evitar esses "erros de estagiário"?
Deixe sua opinião abaixo! 👇
#Bitcoin #Bithumb #CriptoNoticias #RiskManagement #BinanceSquareBrazil $BTC
$BNB
O mercado cripto acaba de presenciar um dos maiores erros operacionais da história. A Bithumb, segunda maior exchange da Coreia do Sul, transformou um brinde de US$ 1,38 em um depósito de 2.000 BTC por usuário.
📉 O Impacto Imediato
Diferente de um erro comum, este incidente gerou uma pressão de venda artificial massiva. Usuários liquidaram os fundos imediatamente, causando um "crash" localizado no preço do $BTC dentro da plataforma.
O que os profissionais estão observando:
Falta de Lastro: A exchange enviou 620.000 BTC que não existiam em seus livros. Isso expõe uma fragilidade crítica nos controles internos.
Risco Regulatório: A Coreia do Sul tem uma das legislações mais rígidas do mundo. O SSF (Serviço de Supervisão Financeira) já iniciou uma investigação que pode resultar em multas pesadas ou até suspensão de licenças.
Lição de Custódia: O evento reforça o ditado "Not your keys, not your crypto". Falhas em sistemas centralizados (CEX) ainda são o "calcanhar de Aquiles" do setor.
🔍 Minha Análise
Este não é um problema da rede Bitcoin, mas sim de gestão de risco institucional. O fato de parlamentares usarem o erro para classificar cripto como "ameaça à estabilidade" pode acelerar leis ainda mais severas na Ásia, impactando a liquidez global.
💬 Pergunta para a comunidade: Vocês acham que as exchanges centralizadas deveriam passar por auditorias de sistemas em tempo real para evitar esses "erros de estagiário"?
Deixe sua opinião abaixo! 👇
#Bitcoin #Bithumb #CriptoNoticias #RiskManagement #BinanceSquareBrazil $BTC
$BNB
$43 Billion “Fat Finger” Error Hits South Korea!
Big news!
South Korean exchange Bithumb accidentally transferred $43 billion to users yes, you read that right. 😳
This is being called the largest human error in crypto history. An investigation has already begun, but the market sentiment has been shaken significantly.
#SouthKoreaCrypto #SouthKorea #crypto #Bithumb #BinanceSquare $BNB
$XRP
$USDC
Big news!
South Korean exchange Bithumb accidentally transferred $43 billion to users yes, you read that right. 😳
This is being called the largest human error in crypto history. An investigation has already begun, but the market sentiment has been shaken significantly.
#SouthKoreaCrypto #SouthKorea #crypto #Bithumb #BinanceSquare $BNB
$XRP
$USDC
❕ South Korea launches probe into Bithumb over $43B fat-finger incident
🔄 Earlier: Bithumb recovered 618,212 BTC.
#SouthKorea
#Bithumb
$BTC
🔄 Earlier: Bithumb recovered 618,212 BTC.
#SouthKorea
#Bithumb
$BTC
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