On September 7, a South Korean cryptocurrency exchange, Bithumb, issued an apology after accidentally transferring more than $40 billion worth of bitcoins to its users. This incident involved the unexpected transfer of 620,000 bitcoins, which led to significant market reactions and a wave of selling from users who received the erroneous amounts. The platform quickly recognized the mistake and acted to block trades and withdrawals from the 695 affected users for a short period while the situation was rectified.

The incident occurred when Bithumb intended to send approximately 2,000 wons (around $1.37) as part of a promotional event but mistakenly issued about 2,000 bitcoins to each user instead. This error had the potential to create significant financial implications not just for the users involved but also for the broader cryptocurrency market, as such large movements can influence market prices and trading activities.

In its official statement, Bithumb expressed sincere apologies for the confusion and distress caused to its customers by this promotional distribution mistake. The company aims to enhance its operational protocols to prevent similar incidents in the future, emphasizing its commitment to user trust and reliability in its exchange operations.