A major crypto exchange Bitcoin mistake resulted in the accidental distribution of $44 billion worth of Bitcoin among users, causing chaos in the market and a sharp decline in prices.
According to foreign media reports, South Korea-based cryptocurrency platform Bithumb mistakenly transferred 2,000 Bitcoins to individual user accounts due to a technical and operational error.
The crypto exchange Bitcoin mistake led to a 17% drop in Bitcoin prices on the platform within hours. Exchange officials clarified that the incident was not caused by hacking or a security breach, but was the result of an internal system error.
Bithumb management said that over 99% of the wrongly transferred Bitcoin has been recovered, while efforts are ongoing to retrieve the remaining amount. The exchange has also initiated an internal audit to prevent similar incidents in the future.
The incident has raised serious concerns over risk management, internal controls, and system reliability in global cryptocurrency exchanges.
