Bithumb Glitch Mistakenly Credits Users With 2,000 BTC, Triggers Flash Crash

South Korea’s Bithumb confirmed an internal error on February 6 that mistakenly credited hundreds of users with 2,000 Bitcoin each during a promotional payout; staff had intended to distribute 2,000 Korean won (about $1.50) but selected BTC instead, according to the exchange’s notice and subsequent reporting ^[1][6][3].

The erroneous balances prompted concentrated selling that drove Bitcoin sharply lower on Bithumb within minutes — one report put the drop at roughly 16% on the platform — while other outlets recorded a roughly 10% decline and a local low near $55,000 as users and traders reacted to the phantom credits ^[1][2][6]. Some coverage estimated the mistaken credits were worth roughly $133 million at the impacted prices ^[5], and analysts described the event as a contained flash crash tied to forced or rapid selling of the credited balances ^[4].

Coverage noted the incident highlighted the need for stronger error‑checking and risk controls at exchanges; Bithumb’s public notices and industry reporting show the exchange moved to address the mistake while the episode drew regulatory and media attention ^[1][2][5][6].

The event underscored operational risk in centralized crypto platforms and prompted renewed scrutiny of exchange payout controls and safeguards ^[2][4][5].