Bithumb's Massive Crypto Blunder: $95 Billion Mistakenly Credited
By John Nada·Feb 6, 2026·2 min read
Bithumb mistakenly credited users with 2,000 BTC each instead of a small cash reward, leading to a significant sell-off and price crash.
In a shocking misstep, South Korean exchange Bithumb accidentally credited users with 2,000 BTC each instead of a small cash reward. The error, which was corrected within five minutes, allowed users to sell an estimated $2 billion worth of Bitcoin, triggering a sharp price crash on the exchange. Instead of airdropping 2,000 won (approximately $1.37), users received the equivalent of $142 million in Bitcoin. This blunder occurred during a 'Random Box' giveaway, where most participants expected a minor prize. Approximately 700 users participated, meaning about 672 likely received the erroneous Bitcoin credits, totaling over $95.4 billion.
The transactions were recorded only on Bithumb's internal ledgers, without actual on-chain transfers. The company swiftly detected and fixed the glitch, but not before some users capitalized on the mistake. Korean financial authorities estimate over $2 billion worth of Bitcoin was sold during that brief window. As a result, Bitcoin's price on Bithumb plunged to $55,000, significantly lower than other exchanges. Most exchanges saw Bitcoin bottom out around $60,000 before rebounding to approximately $71,047.
Bithumb stated, 'The Bitcoin price temporarily fluctuated sharply as some accounts that received the Bitcoin sold it.' They reassured customers that the incident was unrelated to external hacking or security breaches and did not affect customer asset management. The exchange emphasized that no users lost their pre-existing assets due to this error.
Such a massive oversight raises questions about the robustness of internal controls at crypto exchanges. While Bithumb acted quickly, the incident highlights the potential volatility in cryptocurrency markets, especially when mistakes occur. Users may have taken advantage of this error, but it serves as a reminder of the risks inherent in digital asset trading. This incident not only shook investor confidence but also underscores the need for stricter security measures in the rapidly evolving crypto landscape.