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South Korean cryptocurrency exchange Bithumb announced on Saturday that it had accidentally distributed more than $40 billion worth of bitcoins to customers as part of a promotional reward, causing a sharp selloff on the exchange.

The exchange quickly apologized for the error, which occurred on Friday, and reported that it had successfully recovered 99.7% of the 620,000 bitcoins, valued at around $44 billion at current prices. In response, Bithumb restricted trading and withdrawals for the 695 affected customers within 35 minutes of the erroneous distribution.

This incident has raised questions about the operational risks and security measures at cryptocurrency exchanges, especially those offering large-scale promotions.

#Bithumb #Cryptocurrency #BitcoinSelloff #CryptoMistake #southkorea #CryptoMarket

JUST IN: Goldman Sachs discloses holding $2,360,000,000 worth of crypto:
Bitcoin: $1,100,000,000
ETH: $1,000,000,000
XRP: $153,000,000
SOL: $108,000,000

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INSIGHT: #ZRO $rallies 13.1% ahead of a teased announcement on its X account, set for today.

Token unlocks to watch out for today 🔓️

→ #LINEA
→ #APT🔥
→ #AVAXUSD

Are you watching any of these?

Omor my $3,690 worth of Toma is now Liquidated completely from bitget due to the market conditions. This life, the hustle 😏😓#toma

💥BREAKING: BlackRock sells $20,900,000 worth of Bitcoin...$BTC

$BTC $ETH #AXS/USDT #ZKP top

$BNB top 1 BNB coin is a strong cryptocurrency with good potential, but it is very unlikely to go higher than Bitcoin. Bitcoin is still the number one crypto by market value. No one can confirm future prices because the crypto market always changes

$BCH no 6

$WBETH no 4

$BTC no 1

$PAXG no 3

$XRP no 2

$ETH no 1

$BTC $ETH $XRP 0.01 USDt riaward scen code