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BTCC / BTCC Square / Global Cryptocurrency /
Bithumb Exchange Faces Regulatory Probe After $40 Billion Bitcoin Distribution Error

Bithumb Exchange Faces Regulatory Probe After $40 Billion Bitcoin Distribution Error

Author:
Global Cryptocurrency
Published:
2026-02-11 11:58:09
13
3
Bithumb exchange News -

South Korean cryptocurrency exchange Bithumb suspended trading following a staggering administrative error that mistakenly distributed Bitcoin worth approximately $40 billion during a promotional event. The exchange's CEO was summoned by lawmakers to address the failure of internal controls that led to the incident.

Employees intended to distribute 2,000 Korean won to selected users as part of an airdrop promotion. Instead, a system misconfiguration led to the distribution of 2,000 Bitcoin. Recipients swiftly sold their windfall, triggering a sudden surge in BTC/KRW trading volume and price volatility on Bithumb.

The exchange halted trading to contain market disruption and began freezing accounts of beneficiaries. Parliament member Min Byeong-deok criticized the exchange's operational safeguards during a hearing where the scale of the error was revealed, highlighting potential regulatory scrutiny from South Korea's Financial Services Commission (FSA).

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