During a promotional event, South Korean cryptocurrency exchange Bithumb encountered an operational error that resulted in an abnormal Bitcoin payout, causing a brief price disruption on the platform. However, markets quickly stabilized.
Bithumb Confirms Accidental Bitcoin Payout
Bithumb issued an apology, acknowledging that some customers received an abnormal amount of Bitcoin, leading to temporary volatility as recipients sold the assets. This caused a sharp fluctuation in Bitcoin price, which was promptly detected by Bithumb’s internal monitoring systems.
The exchange responded by restricting trading on affected accounts, bringing the market price back to normal levels within five minutes.
Bithumb clarified that the incident was not a result of a cyberattack or security breach, emphasizing that the system’s security and customer asset management were not compromised.
Impact on Bithumb Customer Funds
Assuring users of the safety of customer funds, Bithumb stated that core services are operating normally, with transactions and withdrawals functioning without issues.
No customers incurred losses due to the incident, and Bithumb is actively reviewing the situation to provide transparent follow-up actions.
The incident serves as a reminder of how operational errors can lead to short-term price distortions in crypto markets, especially on individual exchanges with unique liquidity conditions.
Bithumb concluded its statement with a commitment to enhancing safeguards and ensuring a stable trading environment for users, expressing deep apologies for any inconvenience caused.
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