Bithumb's blunder appears to have been corrected. Everything was back to normal within 48 hours. No customer has lost a satoshi. Yet the question remains. Is this really back to square one? Or does this giant misstep reveal deeper flaws in the crypto industry? Crypto traders are holding their breath. The affair questions the entire crypto-sphere.
In brief
Multi-billion bitcoin blunder: Bithumb catches up in 35 minutes
On Friday, February 6 at 7 p.m., a configuration error transformed a reward of a few thousand won into massive bitcoin. Hundreds of thousands of BTC land in accounts. The price of bitcoin on Bithumb plunges 17% in a few minutes.
Bithumb reacted in 35 minutes: 695 accounts blocked, trading and withdrawals cut off. The same day, 99.7% of excess BTC is recovered. The remaining 0.3%, or 1,788 BTC already sold, is fully reimbursed by the exchange's own funds.
No customer loss. No hacks. Deposits and withdrawals resume normally. Crypto investors are discovering a rare rapid reaction on a CEX. The case shows how a simple human error can shake up the entire crypto market. Fortunately, Bithumb avoided total chaos. Crypto traders welcome the transparency, but the incident calls into question the solidity of internal systems.
This exceptional speed reassures the crypto-sphere. Yet it hides a structural vulnerability that no one ignores anymore.
Crypto traders reimbursed: Bithumb goes well beyond its promises
As of February 8, Bithumb is keeping its word. All users logged in at the time of the incident receive 20,000 won, or approximately $15. Those who sold bitcoin cheaply during the panic are getting back the full price of their sale plus 10% compensation. And for seven days, starting Monday, February 9, all trading fees are zero across all markets.
The official press release is clear:
Bithumb's holdings of bitcoin (BTC) and all other virtual assets are 100% equal to or greater than user deposits. Customers keep their assets secure.
Official Bithumb press release, February 8, 2026.
Crypto traders have been compensated. Some even made a little money in the business. This generosity transforms a mistake into an opportunity to build loyalty. Crypto Industry Watches: Bithumb Raises the Standard of Crisis Response.
Bithumb facing regulators and its US IPO
The incident comes at the worst time for Bithumb. The exchange is targeting an IPO in the United States this year. A few weeks earlier, the consumer protection authority had already opened an investigation into its advertisements. From February 7, the Financial Supervisory Service is launching an on-site inspection. It requests the full list of employees authorized to issue crypto payments.
Vice President Hwang Seung-wook written in-house :
The fact that a simple error in setting an event reward can destabilize an entire crypto exchange soberly demonstrates the current state of our systems and processes. Rather than blaming an individual for their mistakes, we will eliminate lax processes that do not prevent such mistakes.
Bithumb promises two concrete fixes: anti-fat-finger system at the end of March, automatic detection of abnormal transactions at the end of May. Pressure is mounting on the entire crypto industry.
The key figures of this bitcoin and crypto saga
- BTC price: $70,625 at time of writing;
- 1,788 BTC sold fully refunded by Bithumb;
- 99.7% of excess bitcoins recovered the same day;
- Regulatory inspection launched on February 7;
- 7 days without trading fees starting February 9.
This story recalls an incredible affair experienced by Crypto.com. A couple receives several million dollars in crypto by mistake. They spend almost everything. They end up in prison. A simple mistake can be very costly. Take care.
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