Bithumb, a major South Korean cryptocurrency exchange, is at the center of a bizarre operational blunder. Reports emerged on July 6 that an employee mistakenly distributed 2,000 Bitcoin—valued at roughly $120 million—instead of a 2,000 won ($1.4) reward to hundreds of users. The error triggered an instant 10% plunge in Bithumb's BTC price to 81 million won ($55,000), while the broader market remained stable.
Inside the Mistake: 2,000 Won Becomes 2,000 BTC
Definalist, a core member of Dumpster DAO, first leaked the incident. He claimed Bithumb staffers, while processing user rewards, inadvertently swapped the currency unit from Korean won to Bitcoin. A reward that should have cost the exchange $1.4 ended up worth over $1.2 million per user, assuming hundreds of recipients. The total exposed amount could reach $128 million based on BTC's price at the time (around $60,000–$63,795).
The news sent Bithumb's BTC price into a flash crash, dropping from roughly $63,000 to below $55,000 within minutes. Order books showed a sudden sell wall as the exchange's own liquidity reacted to the abnormal distribution. Other exchanges like Upbit and Binance saw no such deviation.
Silence from Bithumb, Frenzy Online
As of press time, Bithumb has not issued any official response. The crypto community is divided: some suspect an internal test gone wrong; others worry about a massive financial hole. If the accidentally airdropped coins are withdrawn, Bithumb may face a recovery nightmare or even legal disputes. Such a high-value operator error is rare in centralized exchanges, and if confirmed, could severely dent trust in the platform's risk controls.