On Saturday, South Korean cryptocurrency exchange Bithumb faced a significant blunder, accidentally distributing over $40 billion worth of Bitcoins (CRYPTO: BTC) to customers during a promotional event. The exchange initially intended to give small cash rewards of 2,000 Korean won ($1.40) or more to each user, but instead, winners received at least 2,000 Bitcoins each, leading to a massive selloff.
Reuters reports that Bithumb has since recovered 99.7% of the 620,000 Bitcoins mistakenly distributed, worth about $44 billion. The exchange restricted trading and withdrawals for the 695 affected customers within 35 minutes of the error on Friday.
“We would like to make it clear that this incident is unrelated to external hacking or security breaches, and there are no problems with system security or customer asset management,” …Full story available on Benzinga.com
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