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South Korean cryptocurrency platform Bithumb has officially confirmed that an operational error led to an abnormal Bitcoin payout during a promotional event.
The incident caused a quick but sharp change in prices on the platform before markets settled within minutes.
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Beethumb confirms that the Bitcoin payment was made in error
In a statement, Beethum apologized to users, acknowledging that ” An abnormal amount of Bitcoin was paid to some customers. During the event, causing temporary fluctuations as the recipients sell the assets.
“The price of Bitcoin temporarily fluctuated sharply as some accounts that received Bitcoin sold it,” As she said purse
According to Beethumb, its internal monitoring systems quickly detected these abnormal transactions. The exchange responded by restricting trading activity on the affected accounts, which helped contain the outage.
“As a result, the market price returned to normal levels within 5 minutes, and the domino liquidation prevention system worked normally, preventing chain liquidations due to the abnormal Bitcoin price,” the company said.
This clarification comes after Bitcoin briefly traded at prices well below global market prices on Bithumb, sparking speculation about the cause of the sudden price drop.
Beethumb confirmed that the incident was not the result of a cyber attack or security breach.
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“We want to make it clear that this incident is not related to any external hack or security breach, and does not pose any problems in system security or customer asset management,” the exchange said.
Impact on Bithumb customer funds
The company also assured users that customer funds remain safe and basic services are operating normally.
The statement added: “Customer assets are being managed as securely as before, and transactions, deposits and withdrawals are currently operating normally.”
It is important that Beethumb indicated that no customer suffered losses as a result of the incident, indicating that it continues to review the situation and reveal more details when necessary.
“It is understood that this incident did not cause any loss or damage to customer assets. We will share all follow-up actions transparently and take full responsibility to ensure that no customer is injured,” said the exchange.
The episode highlights how operational errors, even if quickly resolved, can cause serious short-term price distortions in cryptocurrency markets, especially in individual exchanges where liquidity conditions differ from the global average.
Bithumb concluded its statement with another apology, saying it will strengthen safeguards and continue to work to provide a stable trading environment.
“Once again, we sincerely apologize for any inconvenience caused. We will continue to do our best to provide a stable and reliable business environment.”
