South Korean cryptocurrency exchange Bithumb said a system error during an event payout on Friday led to an abnormal distribution of Bitcoin to some users, briefly disrupting prices on its platform. According to media reports, the event was originally intended to provide users with either reward points or a small Bitcoin reward worth about 2,000 won ($1.37). However, a system configuration error caused the reward unit to be entered as a Bitcoin quantity rather than points, resulting in some users being credited with 2,000 bitcoins instead. Media reports said Bithumb attempted to recover the mistakenly credited assets after recognizing the issue, but some users immediately sold the Bitcoin at market prices, realizing gains of hundreds of millions of won. As a result, Bitcoin prices on Bithumb briefly plunged to around 81 million won ($55,000) — more than 10 percent lower than prices on other exchanges. In a notice released shortly after midnight Saturday, Bithumb said that during the payout process “an abnormal quantity of Bitcoin was credited to certain customers,” and that some o
Seven key Trump-Iran moments as tensions run high
...
Read moreDetails
