- Bithumb, a South Korean cryptocurrency exchange, mistakenly issued over $44 billion worth of Bitcoin to users due to a system error during a cash promotion, causing a price drop of 17% in Bitcoin.
- The exchange has since recovered 99.7% of the erroneously issued Bitcoin and restricted trading for affected accounts within 35 minutes.
- Regulatory bodies have initiated an investigation to review internal controls and operational procedures at Bithumb and other exchanges, highlighting systemic risks in the virtual assets industry.
