Crypto Firm’s $40 Billion Bitcoin Mistake: What It Means for Investors and Business Owners in Oman
Seoul – South Korean cryptocurrency exchange Bithumb issued an apology on Saturday after mistakenly transferring over $40 billion worth of bitcoin to users, an error that briefly triggered a selloff on the platform.
Bithumb disclosed that it accidentally sent 620,000 bitcoins, valued at more than $40 billion, to 695 users on Friday. The exchange swiftly blocked trading and withdrawals for the affected accounts within 35 minutes of discovering the mistake.
Local reports revealed that the platform intended to distribute about 2,000 won (approximately $1.37) to each customer as part of a promotional campaign but erroneously transferred around 2,000 bitcoins per user instead.
“We sincerely apologize for the inconvenience caused to our customers due to the confusion during the distribution process of this promotional event,” Bithumb stated on Saturday.
The exchange confirmed that it had recovered 99.7 percent of the mistakenly sent bitcoins and pledged to cover any losses using its own assets.
Bithumb acknowledged that the error caused a brief period of “sharp volatility” in bitcoin prices on the platform as some recipients sold the tokens. It reported regaining control of the situation within five minutes.
Price charts from the platform showed bitcoin’s value dropped sharply by 17 percent, falling to 81.1 million won, late Friday.
Importantly, Bithumb emphasized that the incident was “unrelated to external hacking or security breaches.”
In broader market news, bitcoin, the world’s largest cryptocurrency, has experienced a price decline this week, erasing gains made following US President Donald Trump’s election victory in November 2024.
Special Analysis by Omanet | Navigate Oman’s Market
The Bithumb incident highlights the critical importance of robust operational controls and transparency in the crypto sector, presenting a cautionary signal for Oman’s emerging digital asset market. For businesses and investors in Oman, this event underscores both the volatility risks inherent in cryptocurrency trading and the urgent need for stringent regulatory frameworks to protect users and maintain market stability. Smart entrepreneurs should consider investing in secure, compliant, and technologically resilient crypto platforms to capitalize on growing interest while mitigating systemic risks.
