The South Korean cryptocurrency platform Bithumb faced a major blunder when it accidentally transferred 620,000 Bitcoins, valued at around 37 billion euros, to its users instead of a modest promotional reward. The intention was to credit 695 users with 2,000 Won (approximately 1.16 euros) each, but due to a significant error, many received 2,000 Bitcoin instead. This catastrophic mistake resulted in a frenzy among users, with many selling their newly acquired Bitcoins immediately after the transfer.

Following the incident, Bithumb issued a public apology on Saturday, recognizing the turmoil caused by the sudden influx of Bitcoins and the subsequent sell-off. The company stated that it was taking steps to rectify the situation, but the effects of the oversight were palpable, with Bitcoin prices plummeting by 17% at one point, falling to 81.1 million Won. Such a drastic decline reflects the vulnerability of the cryptocurrency market to sudden shocks and the importance of implementing stringent controls during promotional activities.

This event not only highlights the operational challenges faced by crypto exchanges but also raises concerns about user risk and market stability. With the volatility of cryptocurrencies already a pressing issue, this incident serves as a reminder of the potential pitfalls in an industry still grappling with regulatory frameworks and consumer protection measures. The long-term implications for user trust and platform accountability may be significant if similar mistakes occur in the future.