A routine promotional event at South Korea’s cryptocurrency exchange Bithumb spiraled into a multibillion-dollar operational failure, underscoring the risks embeddedA routine promotional event at South Korea’s cryptocurrency exchange Bithumb spiraled into a multibillion-dollar operational failure, underscoring the risks embedded
Bithumb’s Costly Glitch Highlights Risks in Centralized Crypto Exchanges
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A routine promotional event at South Korea’s cryptocurrency exchange Bithumb spiraled into a multibillion-dollar operational failure, underscoring the risks embedded in centralized digital-asset platforms and drawing swift attention from regulators. On February 6, Bithumb mistakenly credited hundreds of users with enormous amounts of Bitcoin after a configuration error in its reward distribution system. What was intended as a small cash giveaway instead became one of the most striking operational blunders in the history of the crypto industry. How the Error Unfolded The incident occurred during Bithumb’s “Random Box” promotion, which was designed to distribute roughly 2,000 Korean won, about
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