Crypto exchange reveals how $40bn bitcoin was accidentally given away
Crypto giant gave away $40bn bitcoin in huge error
- South Korean cryptocurrency exchange Bithumb accidentally transferred over $40 billion in assets last week due to significant internal system vulnerabilities.
- The exchange mistakenly distributed approximately 620,000 bitcoins to customers during a promotional event, confusing them with 620,000 won (around £350).
- This staggering blunder subsequently triggered a 17 per cent decline in bitcoin's market price and highlighted deficiencies in Bithumb's internal system control.
- Most of the bitcoins have been retrieved, but 1,786 were sold by customers within minutes before their accounts were frozen, and these customers are legally required to return the assets.
- The incident has prompted South Korean MPs to express dismay over regulatory oversight in the virtual assets market, with calls for stricter, bank-like regulations that are not currently possible under existing laws.
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