Sometimes something happens in the world of crypto, which seems no less than a dream. A similar shocking incident has come to light on South Korea’s big crypto exchange Bithumb, where just one human mistake made 249 people millionaires overnight. This glitch, which occurred during a promotional event, not only put the exchange in trouble, but also shook the entire crypto market for some time.
How did such a big mistake happen?
Actually, Bitham had started the process of giving rewards to users as a promotional event. During this time an employee made a big typing mistake. BTC (Bitcoin) was mistakenly typed in the payment unit instead of Korean Won. The result was that a total of 6,20,000 bitcoins were transferred to the accounts of 249 users at around 7 pm on Friday evening.
Every user got thousands of bitcoins
Due to this mistake, each user got an average of about 2490 bitcoins. At that time, the value of Bitcoin received by a user was estimated to be approximately 166 million dollars (about Rs 1,500 crore). Many users were surprised to see such a huge amount in their accounts at once, while some even took advantage of the opportunity and sold bitcoins.
There was a stir in the price of Bitcoin
Due to the users who immediately started selling Bitcoins, the supply in the market suddenly increased and there was a sharp fall in the prices of Bitcoins. This decline may have lasted for some time, but it raised serious questions on the working system of the exchange.
125 bitcoins still missing
As soon as Bitham realized his mistake, the company halted trading and withdrawals within 35 minutes. The exchange says that they have successfully withdrawn 6,18,212 Bitcoins. 93 percent of the bitcoins sold by users were also recovered, but despite this, 125 bitcoins have not been recovered yet.
announcement of compensation for loss
Bitham admitted that the incident caused customers losses of about 1 billion won. The company has assured that users who have suffered losses will be given full compensation. Not only this, the exchange has also announced to give 10 percent extra bonus and waive trading fees on all listed assets for one week.
The mistake will not be repeated in future
After this entire incident, Bitham has implemented Crisis Management System at the company level. Also, to avoid such lapses in future, it has been planned to strengthen the verification system and identify unusual transactions with the help of AI tools.
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