Bithumb Exchange Recovers Nearly All of $40 Billion Bitcoin Airdrop After System Glitch
South Korean crypto exchange Bithumb has recovered 99.7% of the 620,000 BTC erroneously distributed during a promotional event. The February 6 incident occurred when 695 users received Bitcoin instead of the intended 2,000 Korean won rewards due to a system configuration error.
The mishap triggered localized volatility, with Bitcoin's price on Bithumb briefly plunging to $55,000 while global markets remained steady above $66,000. Rapid sell-offs by recipients created an arbitrage gap that the exchange is now addressing through compensation packages.
Bithumb confirmed the error was not a security breach but rather an internal technical failure. The exchange has covered remaining losses from corporate reserves and will compensate affected users with a 10% bonus. South Korea's Financial Services Commission has launched an emergency investigation into the incident.
