Crypto Chaos in South Korea: Inside Bithumb’s $40 Billion Mistake | Vantage with Palki Sharma

This is an AI-generated summary and has not been vetted by the Firstpost editorial team

South Korea’s second-largest cryptocurrency exchange, Bithumb, mistakenly credited customers with 620,000 bitcoins during a promotional campaign. An employee entered bitcoin instead of Korean won, turning a USD 423 giveaway into USD 42 billion. Some customers sold coins before accounts were frozen, triggering brief price drops. Bithumb has reversed most entries but about USD 9 million remains unrecovered. The exchange is urging voluntary returns to avoid lawsuits, as legal outcomes remain unclear. Regulators call the incident catastrophic and parliament…