A fatal glitch at Bithumb caused 620,000 Bitcoins to be accidentally transferred. The cryptocurrency then experienced a massive loss in value.
02/08/2026, 04:5502/08/2026, 04:55
The South Korean cryptocurrency platform Bithumb accidentally gave its users 620,000 Bitcoins worth more than 33 billion francs.
Bithumb experienced a serious breakdown.Image: keystone
The company apologized to customers on Saturday because of the subsequent sudden sell-off and short-term loss in value of the digital currency. The mistake happened during an advertising campaign on Friday.
Bitcoin error rocks market
According to South Korean media, Bithumb wanted to send 695 users around 2,000 won (1.06 francs) each, but instead transferred 2,000 Bitcoin per user. Many of Bithumb’s customers then suddenly sold their Bitcoins. The price of the currency has since fallen by 17 percent to 81.1 million won per Bitcoin (just under 43,000 francs), as the company’s graphics show.
The company said those affected had their accounts blocked within 35 minutes. Bithumb also promised them compensation. The company was able to get back almost the entire amount of Bitcoins that were accidentally transferred. The events are not related to an external hacker attack or security gaps. The platform’s loss is estimated at one billion won (a good 530,000 francs).
The Bitcoin price fell this week for the first time since US President Donald Trump’s election victory in November 2024. On Friday it temporarily fell below $60,000 (around 46,500 francs); the digital currency has lost over 25 percent of its value since the beginning of the year. The main reason for the decline is general uncertainty – investors are currently more averse to risk. Analysts cited possible higher interest rates in the US and declining interest in Bitcoin among institutional investors as reasons.
Sources used: