Bithumb Recovers Majority of Overpaid Bitcoin After Promotional Error
- Bithumb recovered 99.7% of the excess Bitcoin (BTC) credited to user accounts due to a promotional error.
- The remaining shortfall of approximately 1,788 BTC was covered using company funds.
- Affected users will receive compensation of ₩20,000 ($15) each and reimbursement for unfavorable Bitcoin sales with an additional bonus of 10%.
- Trading fees will be waived across all markets for seven days starting Monday.
- The incident was not linked to hacking, and customer assets remained secure throughout the event.
This incident highlights operational challenges faced by centralized exchanges, as Bithumb acted swiftly to stabilize trading after a system error caused price fluctuations when users attempted to sell excess funds. The prompt recovery and compensation measures are aimed at maintaining user trust.
Overall, Bithumb’s actions ensured that nearly all overpaid BTC was reclaimed, with only a small fraction needing coverage from corporate reserves. (Source)
