South Korea’s Cryptocurrency Catastrophe: Bithumb’s $43B Blunder Shocks All

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Ah, South Korea! A land where the cherry blossoms bloom with a whisper of chaos, and the bustling streets are alive with dreams-and, on occasion, a rather spectacular financial mishap. Such is the case with Bithumb, the cryptocurrency exchange that has found itself in a most delightful mess, thanks to a careless slip of the finger that has sent shockwaves through the world of digital currency.

  • The Financial Supervisory Service (FSS) of South Korea has decided it’s time to don their detective hats, launching an all-encompassing investigation into Bithumb following a staggering operational blunder-a “fat-finger” error, if you will-that accidentally credited customers with a staggering $43 billion worth of Bitcoin.
  • This embarrassing incident originated from a simple internal mistake, wherein an employee, perhaps dreaming of Bitcoin riches, mistakenly credited users with quantities far beyond Bithumb’s actual holdings. One can only imagine the bewilderment!
  • Regulators are now peering into Bithumb’s internal controls and IT systems, like hawks after a wayward rabbit, ready to pounce with potential penalties should any violations come to light.

It all began on the fateful day of February 6, 2026, during what was supposed to be a benign promotional event. Instead of the modest cash rewards intended for a few fortunate users, Bithumb inadvertently showered its clientele with a veritable avalanche of 620,000 Bitcoin-worth between $40 billion and $44 billion at market prices. Quite the generous gesture, wouldn’t you say?

Alas, this miscalculation arose from an employee who, in a fit of confusion, entered payouts in Bitcoin rather than the humble Korean won. This led to an astonishing explosion of erroneous Bitcoin credits filling the accounts of unsuspecting users before the blunder could be rectified.

🚨 BREAKING:
SOUTH KOREA LAUNCHES A FULL INVESTIGATION INTO BITHUMB OVER 620,000 “GHOST” BITCOIN.

Regulators are probing how 620K $BTC were mistakenly sent out while the exchange reportedly held only 46K $BTC, triggering a $4 Billion scandal.

– Mr. WHALE (@MrWhale) February 10, 2026

The Great Bithumb Blunder Explained

In an attempt to engage users with a “Random Box” promotion, meant to distribute small cash rewards, Bithumb’s payout system instead unleashed a torrent of Bitcoin due to a minor input error. It seems fate, in her infinite jest, decided to reward the masses with a wealth of ethereal currency!

In mere moments, countless users discovered astonishing sums of Bitcoin gracing their accounts, amounts that were a staggering 13 to 14 times Bithumb’s actual reserves, as estimated by industry aficionados.

In a swift response, Bithumb took action, freezing affected accounts and halting trading and withdrawals within a mere 35 minutes. They managed to reclaim most of the misplaced tokens, though a handful, representing millions in value, had already been spirited away before the digital locks could be applied.

The FSS Investigation: A Comedy of Errors

What followed was an emergency review that swiftly escalated into a full-blown investigation by the FSS. With all the drama of a Shakespearean play, Bithumb was notified of the probe, which would delve deeply into the heart of what went awry and whether their internal controls had violated the illustrious Virtual Asset User Protection Act or other regal regulatory standards.

FSS Governor Lee Chan-jin, with a furrowed brow befitting a concerned parent, pointed out that this episode highlighted systemic weaknesses within the exchange’s internal control and electronic ledger systems. One must wonder how an exchange with such limited actual reserves could so quickly record and disburse phantom Bitcoin balances. A question for the ages!

Depending on the findings of this grand investigation, Bithumb may face sanctions, fines, or even a suspension of operations if negligence or legal violations are confirmed. And let us not forget the users who sold off their erroneously credited Bitcoin; they may find themselves legally obligated to return their ill-gotten gains, as deemed unjust enrichment under the ever-watchful eye of Korean law.

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2026-02-10 11:53