Crypto firm accidentally sends R700-billion in bitcoin to its users

Crypto firm accidentally sends R700-billion in bitcoin to its users

08 Feb Crypto News

South Korean cryptocurrency exchange Bithumb said at the weekend that it had accidentally given away more than US$40-billion worth of bitcoin to customers as promotional rewards, triggering a sharp selloff on the exchange.

Bithumb apologised for the mistake, which took place on Friday, and said it had recovered 99.7% of the 620 000 bitcoin, worth about $44-billion (R706-billion) at current prices. It had restricted trading and withdrawals for the 695 affected customers within 35 minutes of the erroneous distribution on Friday.

The exchange had planned to distribute small cash rewards of ₩2 000 (R22) or more to each user as part of a promotional event, but winners received at least 2 000 bitcoins each instead, media reports said.

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