Bitcoin Wicked to $55,000 on an Exchange – They Made a Statement

Bithumb, South Korea’s second-largest cryptocurrency exchange, announced today that an internal error during a payment processing event resulted in an unusually large amount of Bitcoin (BTC) being sent to some users.

Following this error, partial sales from the affected accounts caused a brief but sharp fluctuation in the Bitcoin price on the platform.

During the volatility, the BTC price on Bithumb briefly touched $55,000. However, the company reported that its internal control systems quickly detected the abnormal transaction and immediately restricted transactions for the affected accounts. The market price reportedly returned to normal within approximately five minutes of the intervention.

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The stock exchange also argued that its liquidation prevention system, designed to prevent chain liquidations through a domino effect, was functioning smoothly and that no systemic risk had arisen despite the unusual price movements.

Bithumb’s official statement specifically emphasized that the incident was not related to an external attack or security breach. The company announced that customer assets continue to be managed securely, and trading, deposit, and withdrawal processes are proceeding normally.

The statement apologized to users for the inconvenience and stated that it was understood the incident did not result in any loss or damage to customer assets.

*This is not investment advice.

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