Bithumb’s Blunder: A Hilarious BTC Mix-Up That Shocked the Crypto World!

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Well now, folks, gather ’round and lend me your ears, for I have a tale that could make even the most stoic of crypto enthusiasts crack a smile. The Korean exchange Bithumb has decided to clear the fog surrounding a rather peculiar incident involving user wallets and a dizzying sum of BTC that fell into certain unsuspecting hands. To say it caused quite the ruckus would be putting it mildly; it sent the price dancing like a chicken on a hot skillet!

Bithumb Attempts to Clean Up Their Overzealous Payout Fiasco

On February 6, as fate would have it, Lookonchain-a noted oracle in the land of crypto chatter-revealed that our dear Bithumb had played the role of the jester and accidentally transferred not 2,000 KRW (a trifling $1.34), but a whopping 2,000 BTC (that’s around $134 million, if your math is as good as mine) to certain lucky recipients. Naturally, these fortunate souls didn’t waste a moment and promptly sold their newfound riches, triggering a delightful little flash crash that sent prices tumbling down by a whole 10%. Prices dipped to around $55,000, making many a heart skip a beat!

Now, in an earnest blog post, Bithumb tried to explain that this little mishap was indeed just a case of overzealous accounting during a promotional event involving 695 recipients. They boldly claimed they had mistakenly transferred a staggering 620,000 BTC before realizing the blunder and quickly halting withdrawals from the impacted wallets within a mere 35 minutes of the transaction. Talk about a swift kick in the financial pants!

In a stroke of luck, Bithumb managed to recover 618,212 BTC, which is a commendable 99.7% of the whole mess. Additionally, they reported that a whopping 93% of the 1788 BTC already sold had also been recaptured, trading them back into KRW and other digital assets. The remaining amount, which is still floating about like a lost sock, will be covered with company funds. And don’t you fret, dear readers, they’re hard at work to ensure such slip-ups don’t become a habit.

In a statement that would make any parent proud, Bithumb declared:

Bithumb takes this incident very seriously and will do its utmost to prevent recurrence by redesigning the entire asset payment process and enhancing the internal control system.

Moreover, the exchange felt compelled to tackle any suspicions of foul play, assuring users that their systems remain as secure as a chicken coop after dark:

They proclaimed:

We want to make it clear that this incident is unrelated to any external hacking or security breach, and does not pose any issues with system security or customer asset management. Customer assets are being safely managed as before, and transactions and deposits/withdrawals are currently operating normally.

Crypto Market Overview

Meanwhile, in the ever-turbulent seas of the crypto market, the total market cap has swelled to a hearty $2.34 trillion after a cheerful 5.68% increase in just a day. This comes on the heels of a prior bloodbath, wherein the cap plummeted to around $2.19 trillion, leaving investors gasping for air.

Yet, despite this recent uptick, CoinMarketCap tells us that the market is still about 45% shy of its all-time high of $4.28 trillion. Caution reigns supreme among traders, with the Crypto Fear and Greed Index currently showing a dismal reading of 8-signaling extreme fear. It appears the markets are still tiptoeing through the tulips, wary of any lurking dangers!

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2026-02-07 16:26