Back
Binance Assists Bithumb in Resolving Accidental 2,000 BTC Airdrop

Binance Assists Bithumb in Resolving Accidental 2,000 BTC Airdrop

Bithumb recovered nearly all mistakenly airdropped BTC and compensated the remainder, with South Korean regulators launching an on-site inspection.

BTC

Summary

Bithumb confirmed that it mistakenly airdropped 2,000 BTC instead of 2,000 KRW to users on Feb. 8. The exchange recovered 99.7% of the coins and covered the remaining 1,788 BTC using its own assets, ensuring customer holdings were unaffected. Binance CEO Changpeng Zhao had earlier revealed Binance's role in helping address the incident. South Korea’s Financial Supervisory Service has begun an on-site inspection in response to the event.

Terms & Concepts
  • Airdrop: A distribution of cryptocurrency tokens, often free, to wallet addresses as part of promotions or reward programs.
  • Maximum value check: A safeguard in blockchain transaction or smart contract code that limits the maximum amount transferable or issued in a single action.
  • BTC: Bitcoin, the first and largest cryptocurrency, used here to denote the asset involved in the airdrop incident.