The Currency analytics
By Jean-Luc Maracon
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.
The exchange has already apologized, but the damage is done. Customers saw their wallets skyrocket overnight without any action on their part.
Bithumb suspended all transactions on February 7, 2026, to conduct its investigation. The announcement on their official site caused panic among users.
Regulators are watching closely. The South Korean Ministry of Science and Technology is following the case.
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.
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.
This isn't Bithumb's first trouble. In 2024, a glitch temporarily crashed their services. But transferring 620,000 bitcoins is unprecedented.
The market reacted strangely. Bitcoin fell to 35,000 euros before stabilizing. Traders are watching every move, fearing the incident might undermine investor confidence.
Bithumb plans a press conference on February 10, 2026, to address questions. But again, no details on what they will actually say.
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…
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.