**South Korean Crypto Firm Accidentally Sends US$44 Billion in Bitcoins to Users**

In a shocking turn of events, South Korean cryptocurrency exchange Bithumb has announced that it accidentally sent out over 620,000 bitcoins, worth approximately US$44 billion, to its users as part of a promotional event. The mishap occurred on Friday and triggered a sharp selloff on the exchange.

According to reports, the exchange had planned to distribute small cash rewards of 2,000 Korean won (approximately US$1.37) to each user as part of a promotional event. However, winners received at least 2,000 bitcoins each instead of the intended reward. The affected users were identified and restricted from trading or withdrawing their funds within 35 minutes of the erroneous distribution.

In a statement released on Saturday, Bithumb apologized for the mistake and assured customers that it was an isolated incident unrelated to any external hacking or security breaches. "We would like to make it clear that this incident is unrelated to external hacking or security breaches, and there are no problems with system security or customer asset management," the statement read.

The price of bitcoin on Bithumb briefly plummeted by 17% to 81.1 million won (approximately US$55) on Friday evening before recovering and last trading at 104.5 million won. Bithumb's mistake has raised concerns about the security and reliability of cryptocurrency exchanges in South Korea, where the industry is highly competitive.

The incident serves as a stark reminder of the risks associated with investing in cryptocurrencies and the importance of exercising caution when dealing with online financial transactions. As the cryptocurrency market continues to evolve, it remains to be seen how Bithumb will address this mistake and ensure that such incidents do not occur in the future.

For now, the affected users are left to navigate the aftermath of the mishap, which has left many questioning the security measures in place at Bithumb. The exchange has promised to take steps to rectify the situation and restore customer confidence in its services.

**Recovery Efforts Underway**

In an effort to mitigate the impact of the mistake, Bithumb claims to have recovered 99.7% of the 620,000 bitcoins distributed incorrectly. The exchange has also restricted trading and withdrawals for the affected customers while it conducts a thorough review of its systems to prevent similar incidents in the future.

While the recovery efforts are underway, users are left wondering how such a significant mistake could occur at one of South Korea's leading cryptocurrency exchanges. As the industry continues to grow and evolve, it is essential for exchanges like Bithumb to prioritize customer safety and security above all else.

**A Dominant Player in the South Korean Crypto Space**

Bithumb trails Upbit, a dominant player in the South Korean crypto space, which has been at the forefront of innovation and security measures within the industry. The incident serves as a reminder that even established exchanges can make mistakes, highlighting the need for constant vigilance and improvement.

**Stay Updated with the Latest Developments**

For the latest news and updates on this story, follow our coverage and sign up for our Chief Editor's Week in Review newsletter, which provides in-depth analysis and expert insights into the world of cryptocurrency and beyond. Stay ahead of the curve and stay informed about the rapidly evolving landscape of digital finance.

Subscribe to our newsletters today and stay updated on the latest developments in the world of cryptocurrency!