# South Korean crypto company mistakenly transfers $44 billion worth of Bitcoin to users

- Link: https://www.thailand-business-news.com/cryptocurrencies/284534-south-korean-crypto-company-mistakenly-transfers-44-billion-worth-of-bitcoin-to-users
- Published: 2026-02-08T12:01:33+07:00
- Author: Nadjib Mohamed

**Bithumb**, a South Korean cryptocurrency exchange, accidentally distributed approximately**
620,000 bitcoins**—worth about **$44 billion**—to users during a promotional event
on **Friday, February 6, 2026**.

The error occurred when a promotional reward intended to give users small cash incentives
of **2,000 Korean won ($1.37–$1.40)** instead mistakenly issued **at least 2,000
bitcoins per winner**. Bithumb quickly identified the issue and restricted trading
and withdrawals for the **695 affected accounts within 35 minutes**.

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The exchange confirmed the incident was due to an **internal error**, not a security
breach or hacking, and stated there were no issues with system security or customer
asset management. By **Saturday, February 7, 2026**, Bithumb had recovered **99.7%
of the mistakenly distributed bitcoins**.

The incident triggered a **brief 17% drop in Bitcoin prices** on the Bithumb exchange,
which later recovered. South Korea’s financial regulators expressed concern, highlighting
the **vulnerabilities in virtual asset systems**, and announced plans to review 
internal controls and operations of Bithumb and other crypto exchanges.