South Korean cryptocurrency exchange Bithumb announced on Saturday that it had unintentionally distributed over $40 billion worth of bitcoins to its users as part of a promotional campaign. The error led to a significant selloff on the platform, impacting trading activity.
The company is currently addressing the issue and working to resolve the unintended transactions. Details on how the mistake occurred and the steps being taken to prevent similar incidents have not yet been fully disclosed.
**Why this matters**
This incident highlights the risks associated with large-scale cryptocurrency promotions and the potential for technical errors to cause market disruptions. It also underscores the importance of robust safeguards in digital asset exchanges to protect both the platform and its users.
Source: NewsData