South Korean Crypto Exchange Scrambles to Recover $40bn Sent by Mistake
South Korea’s second-largest cryptocurrency exchange, Bithumb, is racing to recover more than $40 billion worth of Bitcoin after a staff error during a promotional event last week.
Due to the mistake, some customers were accidentally credited with 620,000 bitcoins instead of 620,000 Korean won, an amount normally worth only a few hundred US dollars. Bithumb later issued an apology, blaming the incident on human error.
The exchange said it has already reversed most of the incorrect transactions. However, around 13 billion won (approximately $9 million) remains unrecovered, as several users managed to sell or withdraw the funds before the error was discovered.
The incident has raised fresh concerns about internal controls and operational risks within major cryptocurrency platforms.#SouthKoreaCrypto #USTechFundFlows $BTC $ETH
