The company found that the error occurred during a promotional campaign and was not related to cyberattacks or security issues.
According to information from Bithumb, 695 clients were mistakenly supposed to receive 2000 won (approximately $1.37) each, but instead, each of them was credited with a minimum of 2000 bitcoins. As a result, many of the recipients rushed to sell their cryptocurrency, causing an immediate 17% drop in the Bitcoin exchange rate.
The exchange apologized for the incident and reported that it had already recovered 99.7% of the mistakenly transferred 620,000 bitcoins. Bithumb is one of the leading cryptocurrency exchanges in South Korea, second only to Upbit in trading volume.
