🚨 A shocking technical incident at Bithumb shakes the Korean market!
What exactly happened? 🤔
The Korean platform Bithumb, one of the largest cryptocurrency exchanges in Asia, experienced an unprecedented technical glitch that led to:
✅ Incorrect Bitcoin balances being credited to the accounts of several users due to a rewards system error
✅ The price of Bitcoin falling locally on the platform to around $55,000
✅ A clear price discrepancy compared to other global exchanges
The reason
The incident resulted from an error in the rewards distribution mechanism, where the value of the rewards was calculated in the wrong unit, leading to quantities of Bitcoin being credited to users' accounts without them actually being entitled to it.
The impact on the market 📉
Temporary panic in the Korean market
Significant selling pressure from users who believed the balances were real
A quick intervention from the platform's management by temporarily halting trading and correcting the glitch
Lessons learned 💡
1️⃣ Technical security is a priority: even major platforms are susceptible to operational errors
2️⃣ Don't trust anomalous prices: large price discrepancies are a clear warning sign
3️⃣ Diversify platforms: don't put all your assets on one platform
The status of the platform now ✅
The situation has been contained, and the platform confirmed that the incorrect balances have been corrected, with trading returning to normal.
💬 What do you think of this incident?
Do you believe centralized platforms need higher oversight and security standards?
