Bithumb’s Bitcoin Bonanza Gone Wrong Triggers Internal Flash Crash
South Korea’s crypto exchange Bithumb accidentally credited users with 2,000 BTC each instead of 2,000 won in a Random Box giveaway. The error appeared on internal ledgers, not on-chain, and about 620,000 BTC (roughly $43 billion at the time) were credited before the issue was corrected; some recipients sold the funds, causing a temporary price drop on the exchange before Bitcoin rebounded. Bithumb recovered most of the BTC, stressed there was no hack, and said it will overhaul payout processes to prevent recurrence.