South Korean exchange Bithumb said a promotional payout error on Feb. 6–7 mistakenly credited roughly 620,000 bitcoins to about 695 customer accounts. Trading and withdrawals were frozen; the exchange reported it recovered about 99.7% of the coins within roughly 35 minutes, though the incident briefly knocked BTC prices down about 17% on the platform.

On Feb. 6–7 Bithumb disclosed that a promotional payout glitch resulted in roughly 620,000 bitcoins being erroneously credited to some 695 user accounts, a paper value reported at roughly $40–$60 billion depending on price swings. The exchange immediately froze trading and withdrawals and says it recovered approximately 99.7% of the affected coins in about 35 minutes, while a small number of addresses required trace-and-reclaim actions. The anomaly generated a localized price shock on Bithumb, with platform BTC quotes dropping about 17% before markets stabilized. South Korean regulators have flagged the incident as a concern for exchange control systems and oversight practices, prompting inquiries into internal processes, promotional controls, and risk-management safeguards. Market participants and compliance teams noted the scale of the error and rapid recovery underscored both operational fragility and the importance of cross-checks on automated payouts. Reporting cited Reuters and regional outlets; exchanges and authorities are said to be reviewing the event and potential policy implications for custody and consumer protections.