Bithumb to Compensate Users After $40B Bitcoin Overpayment
- South Korean exchange Bithumb mistakenly distributed 620,000 Bitcoin, valued at over $40 billion, to 695 users.
- The error on February 6 was identified within 20 minutes, leading to a halt in transactions and withdrawals.
- Bithumb recovered nearly all the overpaid Bitcoin, totaling 618,212 BTC or 99.7% of the amount.
- Customer losses from panic selling were about 1 billion Korean won ($680,000), with plans for a 110% compensation.
- A permanent Customer Protection Fund of 100 billion Korean won ($68 million) has been established for future incidents.
Bithumb is taking responsibility for the incident by compensating affected users and establishing a significant protection fund. The company is also working with regulators to enhance system security and prevent future errors.
Source (3.2)https://cryptobriefing.com/bithumb-bitcoin-reimbursement-customers/?rand=59535
