Bithumb Accidentally Transfers 620,000 Bitcoins to Clients

A major blunder. The South Korean platform Bithumb accidentally sent 620,000 bitcoins to its users last Saturday, amounting to about 37 billion euros ending up in the wrong hands. A computer bug in the transfer system triggered the whole incident.

The exchange has already apologized, but the damage is done. Customers saw their wallets skyrocket overnight without any action on their part. Kim Tae-yong, the CEO, says his technical teams are working around the clock to fix the issue. He promises that the security of funds remains his top priority, although this time it didn’t quite work out. Kim also wants to strengthen security protocols to ensure this never happens again. But for now, no one really knows how to recover all those bitcoins that are out there.

No clear plan.

Bithumb suspended all transactions on February 7, 2026, to conduct its investigation. The announcement on their official site caused panic among users. The company promises to keep everyone informed, but details remain vague. According to The Korea Herald, Bithumb is considering hiring external experts to audit its systems. No date for this audit either.

Regulators are watching closely. The South Korean Ministry of Science and Technology is following the case. Park Jong-ho, the minister, says they are discussing ways to ensure the security of national crypto platforms. An emergency meeting between Bithumb and the Financial Services Commission is scheduled for February 10, 2026. The agenda is secret, but it will likely decide on upcoming sanctions.

It’s not just the authorities who are worried. Related coverage: CFTC Chair Selig Declares War on.

Users are questioning whether their assets are truly safe. Bithumb sent them an email on February 8, 2026, to check their accounts and report any issues. But some clients are already considering legal action. Their lawyers speak of financial and emotional stress. A Bithumb spokesperson refuses to comment on potential legal actions.

Kim Min-jun, an affected user, fears tax complications: “I received bitcoins by mistake, but I’m worried about the taxes it will cost me.” Not exactly the kind of gift one wants to receive.

This isn’t Bithumb’s first trouble. In 2024, a glitch temporarily crashed their services. But transferring 620,000 bitcoins is unprecedented. The Financial Supervisory Service (FSS) is considering tightening its oversight of the platform. Lee Ji-hoon, an analyst at Crypto Insights, thinks the incident will change the game for all crypto platforms in South Korea.

The market reacted strangely. Bitcoin fell to 35,000 euros before stabilizing. Traders are watching every move, fearing the incident might undermine investor confidence. Any prolonged disruption could wreak havoc on prices. For more details, see SafeMoon Ex-CEO Gets Eight Years Behind.

Bithumb plans a press conference on February 10, 2026, to address questions. But again, no details on what they will actually say. Users are waiting for concrete answers on how they will recover these misplaced bitcoins. It remains to be seen if the company will ask clients to return the money or find another solution.

The technical error reveals major flaws in Bithumb’s infrastructure, which manages over 8 million active users according to the latest figures from the Korea Blockchain Association. The exchange ranks third in the South Korean cryptocurrency market, behind Upbit and Coinone. Its daily transaction volume usually exceeds 2 billion dollars. An incident of this magnitude risks driving its clientele massively towards competitors. Several users already report having opened accounts with other platforms since Saturday.

The affair could trigger a complete overhaul of crypto regulation in South Korea. The government has been working since 2025 on a strengthened bill to regulate digital assets. This incident comes at the worst time for the sector. The Korea Blockchain Industry Association fears that authorities will further toughen their stance. Several members of the National Assembly are already calling for mandatory audits for all crypto platforms. Minister Park Jong-ho had eased some rules last year to encourage innovation. But now, it’s hard to justify a lax approach when 37 billion euros vanish with a single click.