South Korean crypto exchange Bithumb will cover $9 million in losses following a promotional mishap that mistakenly distributed $40 billion worth of Bitcoin to customers. The error occurred when Bithumb's promotions team intended to send $423 in Korean won to 249 participants of a giveaway but accidentally selected Bitcoin as the unit. While most recipients returned the Bitcoin, some liquidated or traded it, leaving Bithumb short of 125 Bitcoin. In response, Bithumb plans to write off the losses and compensate users affected by the resulting Bitcoin price drop. The exchange will offer commission-free trading for a week starting February 9. South Korean regulators have launched an inspection, citing structural vulnerabilities in Bithumb's systems. The exchange aims to implement a fail-safe system by March to prevent similar errors.
Bithumb to Absorb $9M Bitcoin Loss After Promotional Error
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