study time:< 1minutes
In a historic mistake, Korean exchange Bithub randomly distributed 620,000 bitcoins, worth approximately $44 billion, to 695 users.
This mistake occurred during the distribution of promotional rewards, and with the quick sale of received coins by some users, the price of BTC on this exchange temporarily fell by 17%.
Bithub quickly blocked the relevant accounts within 35 minutes and 99.7% of the assets, equivalent to 618,212 Bitcoins, were returned. Also, 93% of the 1,788 bitcoins that users had previously sold were recovered.
Bithamb emphasized that no bitcoins were transferred to foreign wallets and no hacker attack or security issue occurred. The exchange also announced that the remaining deficit will be financed from the company’s assets and the process of distributing bonuses and internal control will be strengthened so that such mistakes do not happen again.
This incident shows that even large exchanges are subject to operational errors. In the short-term, sharp price volatility and temporary selling pressure worried retail investors, but the return of the majority of assets kept user confidence to some extent. This incident once again reminds everyone of the importance of speed of reaction and accurate management of assets in exchanges.
Latest Passing over countries : Spain | Dominica | United Arab Emirates
RCO NEWS
