2026-02-07
Crypto exchange Bithumb mistakenly hands out $195M in Bitcoin to users in 'Random Box' giveaway
This illustration photograph shows a phone with a downward trend in the stock market in front of a screen displaying a Bitcoin logo, in Mulhouse on Dec. 5, 2025. [AFP/YONHAP] Bithumb, Korea's second-largest cryptocurrency exchange, mistakenly credited users with Bitcoin worth approximately 260 billion won ($195 million), instead of the modest number of reward points or Bitcoin that it had intended to distribute. The mishap led to a brief plunge in Bitcoin prices on the platform and prompted a halt in deposits and withdrawals, sparking market-wide confusion. According to the local cryptocurrency industry on Friday, the incident occurred around 7:30 p.m. during Bithumb’s "Random Box" giveaway event. The platform had intended to offer users either a small amount of reward points or roughly 2,000 won in Bitcoin. However, due to a configuration error, the rewards were issued not as points but as full Bitcoin units. As a result, 249 users each received 2,000 Bitcoin — equivalent to approximately 260 billion won per person, at current market value. Some recipients began selling the erroneously credited Bitcoin, causing the price of Bitcoin on Bithumb to nosedive to 81.11 million won at one point — more than 16 percent below the global market price. The price has since rebounded to around 98 million won. Bithumb halted all cryptocurrency deposits and withdrawals at 7:40 p.m., just minutes after identifying the error, and began efforts to recover the misallocated funds. As of now, approximately 416,000 BTC — the equivalent of 164 recipients — has been successfully recovered, mostly because the assets remained unused. However, roughly 3 billion won in Bitcoin had already been transferred off the platform. Bithumb announced that all mistakenly issued Bitcoin is locked for trading and withdrawal, and will be fully reclaimed. Related ArticleBitcoin price drops below $67,000, marking lowest level since Trump’s electionCrypto market volatility triggers $2.5 billion in bitcoin liquidations According to CoinMarketCap, the global price of Bitcoin briefly fell to around $61,000 on Friday, its lowest point since October 2024. The drop erased much of the gains made during the second Trump administration and marked a sharp decline from the all-time high of $125,000 last October. The direct catalyst for the decline was a statement by U.S. Treasury Secretary Scott Bessent during a House hearing on Wednesday. When asked by Rep. Brad Sherman whether the government had the authority to intervene to prevent a collapse in Bitcoin prices or direct private banks to purchase the cryptocurrency, Bessent replied, "I do not have the authority to do that," adding that the government would only hold Bitcoin seized in legal proceedings. Bitcoin prices had been climbing thanks to pro-crypto signals from the Trump administration and increased capital inflows from spot ETFs. But with the clear policy signal that no bailout would come, leveraged positions were rapidly liquidated, accelerating a sell-off. This article was originally written in Korean and translated by a bilingual reporter with the help of generative AI tools. It was then edited by a native English-speaking editor. All AI-assisted translations are reviewed and refined by our newsroom.BY KO SUNG-PYO, PARK YU-MI [jin.eunsoo@joongang.co.kr]