bithumb

Founded: 2014 (as “Xcoin”) by Kim Dae-sik, It quickly became Korea’s dominant crypto platform (by 2017 handling ~70% of domestic trading and even leading global volume) In 2018 a BK Global investment group (fronted by plastic surgeon Kim Byung-gun) bought a controlling stake. Today Bithumb (CEO Lee Jae-won) remains one of South Korea’s largest KRW-based exchanges.

Major incidents: Bithumb has weathered several crises. In June 2018 hackers stole about $31 million in crypto, and in March 2019 roughly $19 million of EOS/XRP was taken (an insider heist was suspected) In April 2024 an internal breach cost roughly $20 million.

Authorities also stepped in: a 2018 tax raid hit Bithumb, and in 2023–24 top executives faced legal charges (Ex-CEO Lee Sang-jun got 2 years for taking listing bribes, and Kang Jong-hyun – a “de facto” owner – was arrested for stock manipulation)

Feb 2026 pricing glitch:
During a Feb 6, 2026 promo event, a software error credited 2,000 BTC (instead of ₩2,000) to about 695 users, Recipients immediately sold their windfall, causing Bithumb’s BTC price to flash-crash (~17% drop to ~₩81M, about $55K) on that platform Bithumb froze trades (~35 min), halted withdrawals, and recovered ~99.7% of the mistaken BTC, The exchange publicly apologized and stressed the mishap was an internal accounting error (no external hack occurred) – reassuring that no actual customer funds were lost.


Sources: Authoritative news and the exchange’s official statement en.wikipedia.org, thenextweb.com, feed.bithumb.com, hackread.com, financemagnates.com! These detail Bithumb’s founding, growth, past hacks/regulatory cases, and the Feb 2026 glitch, Each fact is from a cited report!!

#BTC走势分析 #Bithumb

In a shocker that's got the crypto world buzzing, South Korean exchange Bithumb accidentally distributed over 2,000 $BTC (approx. $40 BILLION at current market prices) to users during a routine reward distribution.
Imagine logging in to see that in your wallet! While they've reported recovering 99.7% of the funds, this incident is a stark reminder of:
• The power of a single typo.
• The importance of robust security & internal controls for exchanges.
• Why #DYOR and holding your own keys matters
What are your thoughts on this massive mistake? Could it happen to a larger exchange? Share below! 👇
#Bithumb #bitcoin #CryptoNews #ExchangeHack

What started as a routine promotion for the South Korean exchange Bithumb ended in a "Nuclear-level" event for the crypto markets. This weekend, the industry witnessed the largest accidental financial disbursement in digital asset history, and as of today, February 8, the fallout is still being calculated.
1. The 2,000 KRW vs. 2,000 BTC Nightmare
The crisis began when a staff member at Bithumb made a catastrophic input error during a "Random Box" reward event.
The Error: Instead of sending 2,000 Korean Won (roughly $1.40) to 695 users, the system was instructed to send 2,000 Bitcoin (BTC) to each account.The Impact: Suddenly, 695 retail users became accidental multi-millionaires, holding a total of 620,000 BTC—valued at approximately $44 Billion. This amount exceeded Bithumb's actual holdings by over 12 times.
2. The Flash-Crash and "Panic Selling"
Because these were "ghost coins" existing only in Bithumb's internal ledger, the blockchain itself remained stable. However, the internal market collapsed:
The Crash: As recipients rushed to liquidate their windfall, the BTC/KRW price on Bithumb plunged 17% to roughly $55,000 (81.1 million won).The Defense: Bithumb blocked all transactions and withdrawals within 35 minutes. Remarkably, the exchange has already successfully recovered 99.7% (618,212 BTC) of the erroneously distributed coins.
3. The $1 Billion CEO Compensation Pledge
To restore trust, Bithumb CEO Lee Jae-won issued a comprehensive apology on February 7, including a massive compensation package:
For Panic Sellers: Users who sold BTC at a loss during the crash will be compensated for the full price difference plus a 10% consolation bonus.For All Users: Every user active during the incident will receive 20,000 KRW and 0% trading fees for seven days starting Monday, February 9.The Safeguard: A permanent KRW 100 Billion Customer Protection Fund is being established to prevent a repeat of this "ledger-based" failure.
📊 Market Vital Signs (Feb 8, 2026)
Asset Current (USDT) 24h Change Sentiment
Bitcoin ($BTC ) $71,329 ↗️ +3.22% Fear to Neutral
Ethereum ($ETH) $2,109 ↗️ +4.34% Oversold Bounce
Solana ($SOL) $88.46 ↗️ +3.69% Building Floor
Gold (Spot) $5,100 ↗️ New Record Safe Haven King
🔮 Prediction: The "Monday Audit" Squeeze
South Korea's Financial Services Commission has launched an emergency on-site inspection of Bithumb.
Bullish Case: If the audit confirms that 100% of "real" customer assets are safe, expect a "Relief Rally" that could push $BTC back to $74,000 by Tuesday.Bearish Case: Any further "ledger discrepancies" found by regulators could trigger another wave of FUD, testing the $64,000 floor once more.
💡 Smart Strategy: This incident proves that "Exchange Reliability" is the new alpha. Focus on platforms with Bank-grade Internal Controls and Proof-of-Reserves. The Bithumb blunder was a human error, but the market's recovery shows that Bitcoin’s underlying liquidity is stronger than a $44 billion mistake.
Did you survive the "Bithumb Flash-Crash," or are you looking for the next dip? Let’s talk below! 👇
#BinanceSquare #Bithumb #CryptoSecurity #writetoearn #BitcoinRecovery