South Korean cryptocurrency exchange Bithumb was thrust into the spotlight on Friday after social media claims surfaced that an internal staff error during an airdrop resulted in 2,000 Bitcoin (worth roughly $133 million) being accidentally distributed to users instead of a small KRW-denominated reward.
The mishap triggered immediate selling pressure. On-chain analytics firm Lookonchain flagged a sharp price dislocation, noting that Bitcoin on Bithumb briefly traded more than 10% below quotes on other major exchanges — an unusual divergence for the world's most liquid digital asset. Some recipients reportedly sold the unexpected BTC right away, accelerating the local price drop.
Rare price gap on major Korean exchange
The allegations first appeared on X, where users claimed a Bithumb staff member mistakenly entered the wrong token or quantity during an airdrop. Lookonchain cited community reports suggesting the error involved the distribution of 2,000 BTC instead of a small token reward. While the exact details remain unconfirmed, Bithumb's BTC price briefly showed a discount of over 10% compared to Binance and Coinbase.
As of press time, Bithumb had not officially confirmed the incident, the amount of Bitcoin involved, or whether any trades or withdrawals have been frozen or reversed. The exchange, one of South Korea's largest, has faced previous scrutiny over system outages, regulatory compliance, and operational controls, making the latest report particularly sensitive for market participants.