SEOUL – What began as a routine promotional campaign at South Korean digital-asset exchange Bithumb quickly spiralled into a multi-billion-dollar blunder. Due to a simple typo, the exchange accidentally distributed 620,000 Bitcoins, worth roughly $44 billion, to a small group of extremely lucky, and soon very confused, customers.
In a statement issued Saturday, February 7, 2026, Bithumb apologised and confirmed it had recovered about 99.7% of the missing funds. The crisis unfolded during a “Random Box” event in which users were supposed to receive small cash rewards of 2,000 Korean won (around $1.40). Instead, a staff member entered the payment unit as “BTC” rather than “won,” resulting in each winner receiving at least 2,000 Bitcoins.
A 35-Minute “Gold Rush” and Flash Crash
The mistake was detected shortly after some of the 695 affected users began selling their unexpected windfalls. The sudden wave of selling pressure caused Bitcoin prices on Bithumb to suffer a 17% flash crash, dropping to 81.1 million won ($56,000), even as global prices remained near $70,000.
Bithumb’s internal monitoring systems flagged the abnormal activity and froze the affected accounts within 35 minutes. By halting withdrawals and trading, the exchange prevented most of the mistakenly credited Bitcoin from leaving the platform or spreading to other global exchanges.
“Internal Error, Not a Hack”
Seeking to calm nervous investors, Bithumb stressed that the incident was not the result of a cyberattack. “This issue is unrelated to external hacking,” the company said, adding that there were no problems with system security or customer asset management.
While the vast majority of the Bitcoin was recovered through account freezes, about 125 Bitcoins remain unaccounted for, coins that users managed to sell or transfer before restrictions were imposed. South Korean financial authorities confirmed that roughly 3 billion won ($2.1 million) was successfully withdrawn during the brief window of chaos.
Bad Timing for Bithumb
The $44 billion blunder comes at an especially sensitive moment for the exchange. Bithumb is currently under investigation by the Korea Fair Trade Commission over unrelated allegations of false advertising tied to its liquidity claims.
At the same time, the company has been preparing for a high-profile Nasdaq IPO in New York later this year. Although the error was corrected quickly, the fact that a single employee could accidentally trigger a $44 billion transfer has prompted renewed calls for stricter “fat finger” protections and automated safeguards across South Korea’s crypto industry.
Key Highlights
- Bithumb mistakenly sent 620,000 BTC (about $44 billion) to 695 users during a promotional giveaway.
- A typing error swapped 2,000 won ($1.40) for 2,000 Bitcoins per recipient.
- Bitcoin prices on the exchange plunged 17% within minutes as users tried to cash out.
- The exchange has recovered 99.7% of the funds and confirmed no hacking was involved.
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