Bithumb's $95 Billion Bitcoin Giveaway: A Costly Exchange Error

A significant blunder by Bithumb led to the accidental distribution of $95 billion in Bitcoin. Users capitalized on the mishap, causing a price drop.

In a surprising turn of events, South Korean cryptocurrency exchange Bithumb mistakenly distributed $95 billion worth of Bitcoin due to a technical error. Although the mistake was rectified swiftly, it had already enabled users to capitalize on the situation by selling off substantial amounts of Bitcoin, which consequently led to a temporary drop in its market price.

This incident highlights the vulnerabilities that can occur in the volatile world of cryptocurrency trading. Rapid corrections following such mishaps underscore the need for robust systems within exchanges to prevent similar occurrences in the future.