A significant operational error at South Korea’s cryptocurrency exchange Bithumb has led to the accidental deposit of substantial amounts of Bitcoin to user accounts during a promotional event. The exchange had organized a “Random Box” event aimed at distributing small cash rewards ranging from 20,000 to 50,000 Korean won, scheduled for around 6 p.m. local time. However, it was reported that due to a clerical mistake, staff inadvertently input the payment unit as Bitcoin instead of won. This mistake resulted in some users receiving at least 2,000 BTC each, with the value of the Bitcoin approximating 196 billion won per user, based on a price of 98 million won per Bitcoin at that time.
Following the incident, Bithumb acknowledged the error, stating they had “accidentally sent an excess of Bitcoin to some customers.” Some recipients of the incorrectly credited coins took advantage of the situation by selling their unexpected gains, which led to notable price dislocations on the exchange. Reports indicate that the price of Bitcoin on Bithumb dropped over 10% below broader market levels as a consequence of this incident.
In a public statement, the exchange expressed regret, offering an apology for the confusion caused during the promotional payment process. Bithumb also informed the public that it quickly identified the abnormal transactions via its internal control systems and promptly restricted transactions on the affected accounts. While the exchange did not disclose the total amount of Bitcoin mistakenly distributed or the specific number of accounts impacted, it reassured customers that its “domino liquidation prevention system” mitigated more severe liquidations associated with the unusual Bitcoin price fluctuations. Additionally, Bithumb confirmed that there was no connection between the incident and external hacking or a security breach, stating, “It is understood that this incident did not result in any loss or damage to customer assets.”
The occurrence at Bithumb unfolded amidst one of Bitcoin’s most dramatic selloffs in history. On the preceding Thursday, Bitcoin’s value plummeted, breaking critical support levels and triggering extensive forced liquidations. Data from Bitcoin Magazine Pro highlighted a steep decline, with Bitcoin falling to around $60,000, marking an unprecedented dollar drawdown and positioning the price approximately 50% lower than its previous all-time high of over $126,000 in October 2025. This correction ranks among Bitcoin’s most severe downturns, even surpassing market reactions during the FTX collapse, as broader market conditions deteriorated. The scenario was aggravated by leverage, contributing to the liquidation of more than $1.1 billion in derivatives positions after support near $70,000 weakened, accelerating the descent into the $60,000 range.
As of the latest reports, Bitcoin is trading above $69,000, indicating a complex landscape of volatility and mishaps for traders on the Bithumb exchange.
