South Korean crypto exchange to reimburse some users after $51b error
SEOUL – South Korean crypto exchange Bithumb, which mistakenly distributed more than US$40 billion (S$51 billion) worth of Bitcoin on Feb 6, said it will reimburse customers who made losses when they sold their holdings in a panic during a brief but sharp sell-off on its platform.
Bithumb had intended to award 620,000 won (S$538) to winners of a promotion, but an employee keyed in Bitcoin instead of the South Korean currency, Yonhap News reported, citing people it did not identify.
The error led to the distribution of 620,000 bitcoin to 695 users at 7pm local time on Feb 6, a mistake that was identified within 20 minutes, the exchange said.
“An abnormal amount of Bitcoin was mistakenly distributed to some users,” the exchange said…
