South Korean crypto exchange Bithumb was thrust into the spotlight on Friday after claims surfaced on social media that an internal error led to the accidental distribution of 2,000 Bitcoin to users, triggering a sharp price dislocation on the platform.
Summary
- Bitcoin on Bithumb briefly traded more than 10% below other major exchanges following reports of an internal airdrop error.
- Social media claims, echoed by Lookonchain, allege a staff mistake sent 2,000 BTC ($133M) instead of a small KRW reward, triggering heavy sell pressure.
- Bithumb has not confirmed the incident, leaving uncertainty around whether trades will be reversed or funds recovered.
Bitcoin (BTC) on Bithumb briefly traded more than 10% below prices on other major exchanges, an unusual divergence for the world’s largest cryptocurrency.
The allegations were first shared by users on X who claimed that a staff mistake during an airdrop resulted in users receiving Bitcoin instead of the intended token.
BTC trades at 10% discount on Bithumb
On-chain analytics firm Lookonchain also flagged the anomaly, noting that Bitcoin on Bithumb suddenly dropped to more than 10% below prices on other markets.
According to Lookonchain, reports suggest a staff mistake during an airdrop led to 2,000 BTC, worth roughly $133 million, being distributed instead of a small KRW-denominated reward. Some recipients allegedly sold the Bitcoin immediately, accelerating the price drop on the exchange.
Exchange-specific price deviations of this magnitude are rare for Bitcoin, given its deep liquidity, and typically point to operational issues or sudden liquidity shocks rather than broader market moves.
As of press time, Bithumb had not publicly confirmed the details of the alleged transfer error or the exact amount of Bitcoin involved. It also remains unclear whether the funds were successfully withdrawn, frozen, or reversed, or whether affected trades will be rolled back.
Bithumb is one of South Korea’s largest cryptocurrency exchanges and has previously faced scrutiny over outages, regulatory compliance, and operational controls, making the latest reports particularly sensitive.
Crypto.News reached out to Bithumb for comment, but had not received a response as of press time.
