Bithumb suspends trading after mistaken Bitcoin airdrop
A major operational error disrupted trading on South Korea’s Bithumb exchange on Feb. 6, after users were mistakenly credited with bitcoin instead of Korean won during a promotional airdrop. The incident occurred as part of a “random box” campaign, where participants were supposed to receive 2,000 KRW per account, an amount worth less than $1.50.Instead of the local currency, a staff member reportedly selected BTC as the distribution asset. As a result, hundreds of users received bitcoin, with the total value of the erroneous credits estimated at approximately $133 million based on prevailing market prices at the time.
Market impact and price dislocation
The unexpected windfall prompted immediate selling by some recipients. The sudden surge of sell orders created intense downward pressure on Bithumb’s order books, sharply diverging the exchange’s bitcoin price from global benchmarks.At the height of the disruption, bitcoin on Bithumb fell to around $56,000, roughly 10% below prices near $66,000 observed on other major exchanges. The episode highlighted how localized liquidity shocks can trigger severe price dislocations when large volumes are introduced abruptly into a single marketplace.
Emergency response by the exchange
Bithumb responded by halting trading to contain the situation and launch an internal investigation. As of publication, trading had not resumed, and the exchange had not clarified whether the mistakenly distributed bitcoin had been frozen, withdrawn, or returned.It also remains unclear whether trades executed during the abnormal pricing period will be rolled back. Such decisions typically depend on exchange rules, regulatory considerations, and the technical feasibility of reversing settled transactions.
Operational risks under scrutiny
The incident has renewed attention on operational controls within centralized exchanges, particularly around automated promotions and asset distributions. Even minor configuration errors can escalate rapidly when they involve highly liquid assets and active retail participation.For market participants, the event serves as a reminder that exchange-specific risks can temporarily outweigh broader market dynamics, leading to sharp and unexpected deviations in price behavior.
Bithumb has not yet provided a detailed timeline for restoring full operations or a final assessment of user losses and potential remediation measures, leaving the outcome of the incident uncertain as investigations continue.
Editorial Team - CoinBotLab
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