South Korean cryptocurrency exchange Bithumb has resolved a system error that led to certain user accounts receiving an excessive amount of Bitcoin during a promotional event. The exchange confirmed it successfully reclaimed 99.7% of the mistakenly credited Bitcoin within the same day the issue occurred.
Overpaid Bitcoin Recovered and Shortfall Covered by Company Funds
According to the bithumb, most of the excess Bitcoin was directly retrieved from user accounts before it could be moved. However, a remaining 0.3%, equivalent to 1,788 Bitcoin, had already been sold on the market. To prevent any imbalance in customer holdings, Bithumb used its own reserves to cover the shortfall, stating that all user deposits remain fully backed on a one-to-one basis or higher.
Compensation Plan Announced for Affected Users
To address disruption caused by the incident, Bithumb introduced several compensation measures. Users logged into the platform during the event will receive a fixed cash payment. Traders who sold Bitcoin at disadvantageous prices due to volatility triggered by the error will be reimbursed for the full value of their trades, along with an additional compensation amount. The exchange will also waive trading fees across all markets for a full week.
No Security Breach Confirmed
Bithumb emphasized that the incident was the result of a system malfunction, not a hacking event. Deposits and withdrawals continued to operate normally, and trading activity was stabilized shortly after affected accounts were restricted. The exchange stated it is reviewing internal processes to reduce the risk of similar operational issues in the future.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.