bithumb

📅 February 6 - South Korea | What seemed like a simple promotional event ended up becoming one of the most surreal episodes in the recent crypto market. Bithumb, one of the largest exchanges in South Korea, accidentally sent bitcoin to some users, causing a sharp drop in the price of BTC on the platform, frozen accounts, and the immediate intervention of financial authorities.

📖The incident occurred during a “Random Box” event, where Bithumb planned to give away prizes of up to 50,000 Korean won. According to local reports, some users who were supposed to receive just 2,000 won (about $1.36) ended up receiving 2,000 BTC, equivalent to approximately $139 million at the time.
The error was quickly detected by the exchange's internal system, which blocked the affected accounts and limited transactions to prevent a larger domino effect.
Although Bithumb did not disclose how many bitcoins were sent or how many accounts were affected, the impact was immediate. The BTC/KRW pair plummeted by around 15% on the exchange, an extreme anomaly compared to the global price.
Local media outlets such as the Chosun Daily reported that approximately 3 billion won were withdrawn after the bitcoin received in error was sold before the total freeze.
The company was quick to clarify two key points: it was not a hack or an external security breach, and its so-called "on-chain liquidation prevention system" prevented the price distortion from triggering further massive liquidations.
Even so, the reputational damage had already been done. On social media, several affected users reported that their accounts were blocked without prior notice, increasing the tension.
The case quickly escalated to the regulatory level. The Financial Services Commission and the Financial Supervisory Service confirmed they will open a formal investigation, classifying the incident as serious due to the potential magnitude of the damage.
Although Bithumb assured that there were no losses to customer assets, the mere fact that an operational error could move the price of Bitcoin within a top-tier exchange set off alarm bells.

Topic Opinion:
The crypto narrative often focuses on hackers and external attacks, but human and internal system errors remain one of the biggest risks. Automation without robust controls can be as dangerous as an exploit. Market maturity isn't just measured by volume or regulation, but by the ability to handle failures without jeopardizing trust.
💬 Should regulators further tighten operational controls?

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#bitcoin #BTC #Bithumb #exchanges #CryptoNews $BTC

The first week of February 2026 will be remembered as one of the most chaotic in crypto history. From a global tech sell-off to a jaw-dropping error at a major exchange, the market has undergone a complete "leverage flush." As of today, Bitcoin ($BTC ) is showing incredible resilience, fighting to hold the $70,000 psychological mark.
1. Why the Volatility? The Triple-Threat Explained
If you’re wondering why your portfolio looked like a rollercoaster this week, three major events are responsible:
The "Warsh" Pivot: The nomination of Kevin Warsh to lead the Fed initially terrified investors. While he is pro-Bitcoin, his desire to shrink the Fed’s balance sheet signaled a "liquidity squeeze," causing institutional outflows.The Bithumb $44B Error: On Friday, the South Korean exchange Bithumb accidentally distributed over 620,000 BTC (worth $44B) to users as rewards. This triggered a flash-crash as the market braced for a supply shock before the exchange recovered 99.7% of the assets.The "MSTR" Liquidation Fear: Michael Saylor’s Strategy Inc. (MSTR) faced a 17% stock plunge following Q4 loss reports, leading to fears that corporate treasuries might become "forced sellers."
2. The Great Rotation: BTC & ETH Lead the Recovery
Despite the "Extreme Fear" (Index at 6) earlier this morning, the majors are bouncing back with double-digit gains:
Bitcoin ($BTC ): Up 10.5% to ~$70,500. Dominance remains high at 56.9%.Ethereum ($ETH): Gained 11.1% to reclaim the ~$2,050 level, marking its largest single-day percentage increase since late 2025.Altcoin Surge: Ripple ($XRP ) has exploded by 22% to $1.46 following breakthroughs in its ongoing legal saga, while Solana ($SOL) reclaimed $86.
3. China’s RWA Milestone
A massive news story is breaking out of Beijing today: China has announced a clear regulatory distinction between "Virtual Currencies" (which remain banned) and Real World Assets (RWA). This is a milestone for the tokenization industry, as China begins to create a legal framework for assets backed by onshore goods.
📊 Market Vital Signs (Feb 7, 2026)
Asset Price (USDT) 24h Change Sentiment
Bitcoin ($BTC ) $70,513 ↗️ +10.5% Extreme Fear (6)
Ethereum ($ETH) $2,061 ↗️ +11.1% Recovery
XRP ($XRP ) $1.46 ↗️ +22.2% High Momentum
Solana ($SOL) $86.37 ↗️ +16.1% Strong Bounce
🔮 Prediction: The "Short Squeeze" Continuation
The massive gap between the "Extreme Fear" sentiment and the rising price suggests a classic Short Squeeze is in play.
Bullish Case: If BTC holds above $70k through the weekend, the next target is $74,000, where major liquidations for short-sellers are clustered.Bearish Case: If the U.S. Government Shutdown gridlock worsens, we may see a re-test of the $64,000 support.
💡 Smart Strategy: This is a "Contrarian" market. When the Fear Index hits single digits (6), it has historically been the "Golden Entry" for spot buyers. Avoid high leverage during weekend thin liquidity—focus on RWA and Layer-1 majors showing relative strength.
Are you "Buying the Bounce" or do you think $70k is a bull trap? Let’s talk below! 👇
#BinanceSquare #Bithumb #xrp #writetoearn #MarketUpdate