Bithumb Accidentally Distributes 620,000 Bitcoins, Recovers 99.7%

Event Overview

Recently, South Korean crypto exchange Bithumb accidentally issued 620,000 Bitcoins to 695 users during a promotional reward campaign, significantly more than early market speculation of 2,000 coins.

Swift Response

Within 35 minutes of detecting the error, Bithumb suspended withdrawals and trading on affected accounts, successfully recovering 618,212 Bitcoins—accounting for 99.7% of the total.

Recovery Status

• Recovered Bitcoins: 618,212 (99.7%)
• Sold Bitcoins: 1,788, with 93% of associated assets reclaimed

Official Statement and Preventive Measures

Bithumb confirmed no funds were transferred externally, and no security breaches or hacking occurred. The exchange pledged to cover unrecovered assets using company reserves and will overhaul its distribution protocols and internal controls to prevent future incidents.