Today, the square and X went crazy: The staff at the Korean exchange Bithumb accidentally typed in 2000 Bitcoin instead of the 2000 Korean Won small red envelope (just over 1 dollar) that they were supposed to issue!
Results show that hundreds of users opened their accounts and were like: Wow, did I get rich? Suddenly, there are tens of millions of dollars worth of Bitcoin in my balance!
Everyone's first reaction was: Hurry up and sell, let's run!
As a result, the price of Bitcoin on Bithumb instantly dropped from the normal price to $55k (a drop of over 20%), while prices on other exchanges around the world remained stable and hardly moved.
My first reaction was: There is such a good thing? Bitcoin falling from the sky?
Second reaction: Wake up, this pie falling down is also scalding hot, and after smashing it, you won't gain anything.
My small opinion: This small drop in Bitcoin is not a sign that the market is about to collapse, but rather a local farce caused by a mistake from a Korean exchange + users being too greedy. It has nothing to do with the broader market.
In simple terms, here’s what happened (I looked up the announcement and news myself):
- It was originally a small red envelope activity, but staff mistakenly entered 'Bitcoin' instead of 'Korean Won.'
- Hundreds of accounts suddenly had an extra 2000 BTC (worth tens of millions of dollars at the time), but this was just internal numbers from the exchange, not actually transferred to the blockchain (no transaction records).
- Users saw their balances explode and immediately sold to cash out (some really sold a bit, cashing out around $2.1 million).
- Due to insufficient internal buy orders from the exchange, the price dropped to $55k in an instant.
- Bithumb reacted within 5 minutes, quickly freezing the transactions and withdrawals of these accounts, and retrieved 99.7% of the erroneous balance, controlling the losses.
Why hasn’t the global Bitcoin price collapsed?
- This incident only happened in the Korean Won trading area of Bithumb, while prices on other major platforms (Binance, Coinbase) hardly moved.
- Arbitrageurs quickly bought low and sold high, leveling out the price differences.
- The announcement clarifies: it was not a hacker attack, not a security vulnerability, just a pure slip of the hand. Korean regulators are already investigating, but the global impact is basically zero.
Is there really such a good thing?
Haha, theoretically, it’s exciting, but:
- Many were recalled (frozen + arbitration) by the platform after selling.
- Very few successfully cashed out (the exchange reacted quickly).
- Most people are 'paper millionaires,' waking up to find nothing left, and they might also get blacklisted by the platform.
- If you really want to get rich, you have to wait for the exchange to be foolish enough to actually transfer Bitcoin to you, instead of playing digital games internally.
In a word, my small sentiment: This drop in Bitcoin is purely a Bithumb blunder + a small episode caused by user greed, not a signal of a bear market. The global price stabilizing indicates that people are not really panicking.
Next time you see something good like 'Bitcoin falling from the sky,' stay calm, don’t rush to sell — it’s likely just someone else’s slip, and after you smash the market, you won’t gain anything and might even be held accountable. Today, the plaza and X exploded: A staff member at the Korean exchange Bithumb accidentally typed in 2000 Bitcoin instead of the 2000 Korean Won small red envelope (just over a dollar)!
As a result, hundreds of users opened their accounts and saw: Wow, am I rich? Suddenly, there are tens of millions of dollars worth of Bitcoin in my balance!
Everyone's first reaction was: Hurry up and sell to escape!
As a result, the price of Bitcoin on Bithumb dropped from the normal price to $55k (a drop of over 20%), while prices on other global exchanges remained stable and didn't change much.
I brushed upon the first reaction: Is there really such a good thing? Bitcoin falling from the sky?
Second reaction: Wake up, this pie falling down is also scalding hot, and after smashing it, you won't gain anything.
My small opinion: This small drop in Bitcoin is not a sign that the market is about to collapse, but rather a local farce caused by a mistake from a Korean exchange + users being too greedy. It has nothing to do with the broader market.
In simple terms, here’s what happened (I looked up the announcement and news myself):
- It was originally a small red envelope activity, but staff mistakenly entered 'Bitcoin' instead of 'Korean Won.'
- Hundreds of accounts suddenly had an extra 2000 BTC (worth tens of millions of dollars at the time), but this was just internal numbers from the exchange, not actually transferred to the blockchain (no transaction records).
- Users saw their balances explode and immediately sold to cash out (some really sold a bit, cashing out around $2.1 million).
- Due to insufficient internal buy orders from the exchange, the price dropped to $55k in an instant.
- Bithumb reacted within 5 minutes, quickly freezing the transactions and withdrawals of these accounts, and retrieved 99.7% of the erroneous balance, controlling the losses.
Why hasn’t the global Bitcoin price collapsed?
- This incident only happened in the Korean Won trading area of Bithumb, while prices on other major platforms (Binance, Coinbase) hardly moved.
- Arbitrageurs quickly bought low and sold high, leveling out the price differences.
- The announcement clarifies: it was not a hacker attack, not a security vulnerability, just a pure slip of the hand. Korean regulators are already investigating, but the global impact is basically zero.
Is there really such a good thing?
Haha, theoretically, it’s exciting, but:
- Many were recalled (frozen + arbitration) by the platform after selling.
- Very few successfully cashed out (the exchange reacted quickly).
- Most people are 'paper millionaires,' waking up to find nothing left, and they might also get blacklisted by the platform.
- If you really want to get rich, you have to wait for the exchange to be foolish enough to actually transfer Bitcoin to you, instead of playing digital games internally.
In a word, my small sentiment: This drop in Bitcoin is purely a Bithumb blunder + a small episode caused by user greed, not a signal of a bear market. The global price stabilizing indicates that people are not really panicking.
Next time you see something good like 'Bitcoin falling from the sky,' stay calm, don’t rush to sell — it’s likely just someone else’s slip, and after you smash the market, you won’t gain anything and might even be held accountable.
