Bithumb Exchange Error Triggers Significant Bitcoin Flash Drop
Bithumb Exchange Error Triggers Significant Bitcoin Flash Drop
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A critical input mistake at South Korea’s Bithumb exchange, intended as a routine promotional payout, resulted in a 'free Bitcoin' trap for traders. This operational error swiftly led to a 17% flash drop for Bitcoin, highlighting the rapid pace of crypto markets compared to traditional back-office systems.
One input mistake at South Korea’s Bithumb turned a routine promo payout into a $44 billion disaster for a simple reason: crypto moves at internet speed, but many exchanges still run on back-office habits built for slower systems. On Feb. 6, Bithumb meant to hand out tiny cash rewards as part of a promotion.