Bithumb Error Issues 620,000 BTC, Leaving ₩13 Billion Unreturned

Bithumb Error Issues 620,000 BTC, Leaving ₩13 Billion Unreturned

The Korean Financial Supervisory Service is probing Bithumb’s massive Bitcoin misdistribution, citing ledger system flaws and vowing stronger oversight of virtual asset exchanges.

BTC

Fact Check
The statement's central claims—that the cryptocurrency exchange Bithumb experienced a system error and mistakenly issued a massive amount of Bitcoin—are overwhelmingly supported by the provided high-authority sources. Multiple reports from major news outlets like the Korea Economic Daily and Chosun Ilbo, as well as Bithumb's own official apology, confirm that a system or configuration error led to the incorrect distribution. Several sources, including the Korea Economic Daily and Chosun Ilbo, explicitly state the figure of 620,000 BTC being erroneously issued. The scale of the error, valued at over $40 billion, is also consistently reported by international sources like the BBC and Yahoo Finance.The only part of the statement that is not directly substantiated by the provided evidence is the specific figure of "13 billion Korean Won (₩) being unreturned." While a Yahoo Finance article suggests that some users managed to sell their erroneous Bitcoin, which would explain unreturned funds, no source confirms the 13 billion KRW amount. Furthermore, Bithumb's official statement claims that 99% of the incorrectly paid amount has been addressed, which implies some funds are outstanding but does not specify the value. Because the core event, its cause, and the massive scale (620,000 BTC) are all well-documented and confirmed, the statement is largely accurate. The unverified detail about the specific amount of unreturned funds prevents a definitive 'true' assessment, but the statement as a whole is very likely true in its substance.
Summary

The Korean Financial Supervisory Service (FSS) launched an investigation into Bithumb’s accidental distribution of 620,000 BTC, worth approximately ¥6.8 trillion, to 695 customers due to input errors. FSS stated the incident revealed structural weaknesses in exchange ledger systems and committed to enhancing oversight across the virtual asset industry. The February 9 mishap had previously resulted in rapid recovery of 99.7% of the mistaken distribution, with ₩13 billion remaining unrecovered and covered by Bithumb’s corporate funds.

Terms & Concepts
  • BTC (Bitcoin): The first and largest cryptocurrency, using a decentralized blockchain to enable peer-to-peer transactions.
  • Crypto exchange control systems: Internal mechanisms and safeguards used by digital asset trading platforms to prevent errors, fraud, and unauthorized transactions.
  • Ledger systems: Record-keeping frameworks, often blockchain-based, used by exchanges to track asset ownership and transaction histories.