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The authorities of South Korea have begun an investigation into the Bithumb exchange following an incident involving the erroneous crediting of thousands of bitcoins.
Financial regulators in South Korea have initiated an investigation into the cryptocurrency exchange Bithumb after an incident in which users were mistakenly credited with amounts in bitcoins that the exchange did not actually possess.
The error occurred on February 6 during a promotional campaign. Instead of paying 2000 Korean won (approximately $1.4), some accounts received 2000 BTC. The mistake was due to incorrect data entry by an exchange employee.
The erroneously credited bitcoins could be sold immediately, which the recipients took advantage of. In the first 20 minutes, users attempted to sell about 1,788 BTC.
The exchange claims that the coins did not leave its premises, but transactions were conducted.
This caused a temporary drop in the bitcoin exchange rate to the won on Bithumb of more than 15%.
The system temporarily reflected "virtual" 620,000 BTC amounting to about $40 billion. The exchange stated that it returned about 93% of the funds, and compensated the remaining part from its own reserves.
Bithumb remains the second-largest cryptocurrency exchange by trading volume in South Korea after Upbit.

.css-1iqe90x{box-sizing:border-box;margin:0;min-width:0;color:#EAECEF;}The authorities of South Korea have begun an investigation into the Bithumb exchange following an incident involving the erroneous crediting of thousands of bitcoins.

The authorities of South Korea have begun an investigation into the Bithumb exchange following an incident involving the erroneous crediting of thousands of bitcoins.