Overview
- During a Random Box promotion, users were mistakenly credited with large bitcoin balances on Bithumb’s internal ledger, with multiple reports saying accounts showed 2,000 BTC each instead of a small won reward.
- Bitcoin on Bithumb’s KRW market briefly plunged to about ₩81 million (roughly $55,000), a sharp discount to other exchanges, before prices normalized within minutes.
- The exchange said its controls flagged abnormal transactions and it restricted trading for affected accounts, adding the incident was not a hack and asserting customer assets remain secure.
- Coverage and on-chain analysts report no bitcoin moved on-chain, yet some recipients sold into Bithumb’s order book, with local authorities estimating roughly $2 billion in phantom BTC was transacted.
- Key details remain unresolved, including whether trades will be reversed or funds frozen, as Bithumb conducts an internal review and regulators scrutinize the incident.