**$40 Billion Blunder: South Korean Crypto Exchange Bithumb Accidentally Sends 6,20,000 Bitcoins to Users**

In a shocking incident, South Korea's second-largest cryptocurrency exchange, Bithumb, has apologized for transferring over $40 billion worth of Bitcoins to customers as part of a promotional event. The mistake occurred on February 6, when the platform intended to send a paltry sum of 2,000 won (approximately ₹123.76) to each customer, but mistakenly sent an astonishing 2,000 Bitcoins per user instead.

**The Error**

According to local reports, Bithumb had planned to distribute 2,000 won to customers as part of a promotional event, but due to a technical glitch, the platform accidentally transferred 2,000 Bitcoins to each user. The company has confirmed that this incident is unrelated to any external hacking or security breaches and that there are no issues with system security or customer asset management.

**The Impact**

The mistaken transfer caused chaos on the platform, prompting a selloff from some users and briefly causing "sharp volatility" in prices. However, Bithumb claims to have brought the situation under control within five minutes. The company's charts showed that Bitcoin prices dipped by 17% to 81.1 million won on the platform late on Friday.

**Recovery Efforts**

Thankfully, almost all of the tokens (approximately 99.7%) have been recovered, and Bithumb has assured customers that it will use its own assets to cover the losses incurred due to this incident. The exchange has also blocked trading and withdrawals for impacted accounts within 35 minutes after the error occurred.

**Market Reaction**

The incident has sent shockwaves through the cryptocurrency market, with Bitcoin prices fluctuating wildly in response. However, as of February 7, Bitcoin is trading at $68,527.34, a slight respite from the freefall near $60,000 levels the previous day. Ethereum has also slightly recovered, trading at $2,003.90 (up 5.81%).

**Expert Analysis**

Nischal Shetty, Founder of WazirX, noted that crypto markets have seen short-term volatility over the last 24 hours, driven largely by technical factors and cautious sentiment rather than any fundamental shift in the ecosystem. Riya Sehgal, Research Analyst at Delta Exchange, believes that Bitcoin's rebound from the $60,000 lows and Ethereum's recovery beyond $2,000 mark signal a potential turning point following the steepest two-week decline since mid-2022.

**Conclusion**

The incident highlights the complexities and risks associated with cryptocurrency transactions. While Bithumb has taken steps to rectify the situation, it serves as a reminder for exchanges to prioritize security and accuracy in their operations. As the crypto market continues to evolve, investors must remain vigilant and informed to navigate these challenges successfully.