Anyone catch the recent Bithumb mess in South Korea?

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ravenlabHero Member
Posts: 100 · Reputation: 2322
#1Jan 27, 2023, 08:20 PM
So, there was this "Random Box" promo where winners were supposed to get a small prize worth just a few thousand won. But thanks to a mix-up, a bunch of users ended up with 2,000 BTC in their accounts because they put "BTC" instead of "won". This led to a bit of a freak-out and a quick sell-off on the exchange, which made BTC prices drop for a bit until Bithumb hit pause on trading and withdrawals for those accounts. Reports say their internal systems jumped into action and they managed to get back about 99.7% of the wrongly credited Bitcoin. This kind of stuff really highlights that operational risks can be just as risky as hacks for centralized exchanges. A small error in the system can lead to some serious market chaos. Plus, it’s a solid reminder that keeping a lot of money on exchanges is always a gamble.
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bullhqMember
Posts: 209 · Reputation: 83
#2Jan 27, 2023, 11:25 PM
This is the craziest incident I've ever read about. Bithumb accidentally sent thousands of BTC to users who were supposed to receive Won, but instead received Bitcoin. This is one of the most absurd exchange incidents this year, in my opinion. How could it not be? Hundreds of Bithumb users received free Bitcoin. Initially, Bithumb intended to reward users with thousands of Won. However, due to employee negligence Bithumb sent thousands of BTC instead of Won. As a result accounts were frozen and withdrawals were blocked. This case demonstrates that internal exchange errors can distort prices, but Bitcoin remains secure globally. The lesson we can learn from this case: Not your keys, not your coins. My question to you If you were one of those who received free BTC, would you sell it immediately or hold it?
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bithubMember
Posts: 215 · Reputation: 50
#3Jan 28, 2023, 04:51 AM
Op there's a similar topic of this information that has being created just 1 minute some split seconds before yours got posted.  See it here https://bitcointalk.org/index.php?topic=5573867.msg66386274#msg66386274 You can kindly lock yours. Guess you weren't fast enough
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ravenlabHero Member
Posts: 100 · Reputation: 2322
#4Jan 28, 2023, 05:40 AM
Thanks for pointing that out 👍 I didn’t see the other thread when I posted mine. I’ll lock this one to avoid duplication. Appreciate the heads-up!
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