Feb 7 • 12:10 UTC 🇰🇷 Korea Hankyoreh (KR)

Bithumb Holding 7 Trillion Won in Bitcoin Makes 60 Trillion Won Payment? Aftermath of Trust Crisis is Inevitable

Bithumb, a virtual asset exchange, faces a major fallout from a massive mispayment of Bitcoin that has shaken the trust in cryptocurrency trading.

Bithumb, a major virtual asset exchange in South Korea, is currently embroiled in a significant scandal following an unprecedented mispayment involving Bitcoin. On July 7, during a promotional event aimed at acquiring new users, the exchange inadvertently distributed a staggering 620,000 Bitcoins instead of the intended total of 620,000 won to 695 participants. This catastrophic error occurred due to a simple yet critical input mistake where the denomination was inadvertently switched. As a result, the market value of the incorrectly paid Bitcoins reached approximately 60 trillion won, causing severe fluctuations in the trading price on Bithumb, which dropped to the low 80 million won range.

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