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Bithumb Apologizes for Payment Error, Announces KRW 100 Billion Protection Fund

Bithumb Apologizes for Payment Error, Announces KRW 100 Billion Protection Fund

Bithumb’s official statement details full restitution after mistakenly airdropping 2,000 BTC, emphasizing asset safety, recovery efforts, and cooperation with South Korean regulators.

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Fact Check
The assessment is based on the overwhelming and entirely consistent evidence from all ten provided sources. There is zero conflicting information. Multiple high-authority sources, including major South Korean financial news outlets (MBN, Maeil Business Newspaper, Edaily) and established international crypto news platforms (KuCoin, Binance, BlockInsider), directly and explicitly support the statement. Every source confirms the core components of the claim:1. **Who:** The South Korean cryptocurrency exchange Bithumb.2. **What:** Announced the creation of a protection fund.3. **How much:** The fund is capitalized at 100 billion South Korean Won (KRW).4. **Why:** The announcement was a direct response to a significant payment error involving the incorrect distribution of Bitcoin.The consistency across a diverse range of reputable, independent sources, from local financial journalism to global crypto news aggregators, provides a strong basis for concluding that the statement is true. The high volume and quality of the corroborating evidence result in a high confidence level.
Summary

Bithumb reported accidentally airdropping 2,000 BTC instead of 2,000 KRW, an error discovered on Feb. 8. The South Korean crypto exchange recovered 99.7% of the Bitcoin and covered the remaining 1,788 BTC from its own assets, ensuring all customer funds remained intact. The Financial Supervisory Service conducted an on-site inspection following the incident. Bithumb pledged to strengthen safeguards through asset verification, AI-based anomaly detection, multi-step payment procedures, and external audits, alongside its KRW 100 billion customer protection fund and restitution measures previously announced.

Terms & Concepts
  • Customer Protection Fund: A reserve of capital set aside by an exchange to cover losses or protect users in case of operational errors or security incidents.
  • Crypto Exchange: An online platform that allows users to buy, sell, and trade cryptocurrencies.