South Korean cryptocurrency exchange Bithumb said on Saturday it had accidentally given away more than $40 billion worth of bitcoins to customers as promotional rewards, triggering a sharp selloff on the exchange.
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South Korean cryptocurrency exchange Bithumb said on Saturday it had accidentally given away more than $40 billion worth of bitcoins to customers as promotional rewards, triggering a sharp selloff on the exchange.
Maybe the exchange's airdrop process was vibecoded?
Apparently most of the BTC was clawed back before users managed to withdraw it from the exchange.
125 BTC was withdrawn, and instead of chasing such a small amount, the exchange will take the loss.
Reminds me of the case in 2021 when Crypto.com accidentally sent 7 million dollars to a user and she bought a luxury home with it.
Crypto.com sued few months later and the user had to pay it all back with interest.
hmmm...earlier this was reported as 2000 btc total, now they are saying to each person?
That would imply that exchange held that much btc....is that realistic? 500K btc?
What makes you think these exchanges hold the Bitcoin they say they have in user accounts?
It's fun when there are runs - sometimes we get to spot the naked ones. But not always. Because you just call finex/tether for a bailout
I suspect the truth is somewhere in between. The "fat finger" was a SQL entry that credited each account with 2000 BTC each, of which some clever users immediately took those offsite and drained the very insufficient BTC balance that the exchange actually had.
In this case they definitely had an issue, haha. But in general, I'm not sure that exchanges hold full reserves. Bitstamp however is compliance-oriented, which is why we learned about it in the first place, I guess.
Oh wish I could be that lucky person some day 😌 even 0.0896 btc is enough for me
Lol 😂 who doesn't
In July 2013, PayPal had accidentally sent $92 quadrillion to a man’s account. https://www.unilad.com/news/money/man-becomes-richest-person-paypal-accident-175298-20240912
PayPal is just digits on screen, BTC is a completely different story
BTC on exchanges are quite the same!
Exactly!
Fathumb.