This sounds like the plot of a second-rate hacker movie, but in the world of crypto, reality often outstrips any fantasy.
This morning's 'Korean incident' on Bithumb has already gone down in history as one of the most expensive technical failures. Let's break down how this absurdity turned into a 'bloodbath' on your chart.
🇰🇷 What actually happened:
System glitch: During the morning update or technical failure, the Bithumb system began crediting users with Bitcoins instead of Korean won (KRW) when attempting to withdraw funds or exchange.
A display of unprecedented generosity: Imagine: you want to withdraw 1000 won, and you get the equivalent of $BTC
. In total, the error is estimated at around 60 trillion won (about ~$44-45 billion)
'Kimchi discount': Koreans, an enterprising people, immediately rushed to sell these 'gift' coins to lock in profits before the shop was closed. The price of BTC on Bithumb instantly plummeted by 17% relative to global quotes.
Chain reaction: Arbitrage bots around the world saw that on one of the largest exchanges the price was plummeting, and began to sell massively on Binance, OKX, and other platforms. This caused the plunge to $67,800.
This morning's 'Korean incident' on Bithumb has already gone down in history as one of the most expensive technical failures. Let's break down how this absurdity turned into a 'bloodbath' on your chart.
🇰🇷 What actually happened:
System glitch: During the morning update or technical failure, the Bithumb system began crediting users with Bitcoins instead of Korean won (KRW) when attempting to withdraw funds or exchange.
A display of unprecedented generosity: Imagine: you want to withdraw 1000 won, and you get the equivalent of $BTC
. In total, the error is estimated at around 60 trillion won (about ~$44-45 billion)
'Kimchi discount': Koreans, an enterprising people, immediately rushed to sell these 'gift' coins to lock in profits before the shop was closed. The price of BTC on Bithumb instantly plummeted by 17% relative to global quotes.
Chain reaction: Arbitrage bots around the world saw that on one of the largest exchanges the price was plummeting, and began to sell massively on Binance, OKX, and other platforms. This caused the plunge to $67,800.