South Korea-based cryptocurrency exchange Bithumb experienced a significant operational error during a promotional event, resulting in the accidental deposit of large amounts of Bitcoin into user accounts. The event, intended to distribute small cash rewards ranging from 20,000 to 50,000 Korean won through a “Random Box” lottery, instead saw staff mistakenly input the payment unit as Bitcoin rather than won.

This critical error led to some users reportedly receiving at least 2,000 BTC each, an amount valued at approximately 196 billion won per person based on Bitcoin prices near 98 million won at the time. Following these unintended deposits, some recipients reportedly sold the mistakenly credited coins, which caused temporary price dislocations on the Bithumb platform. During the incident, Bitcoin on Bithumb reportedly fell by more than 10% below broader market levels.

Bithumb issued a statement acknowledging the incident, stating, “We sincerely apologize for any inconvenience caused to our customers due to the confusion that arose during the payment process for this event.” The exchange confirmed it “immediately recognized the abnormal transaction through its internal control system and promptly restricted transactions for the relevant account.” While Bithumb did not disclose the exact amount of Bitcoin mistakenly distributed or the number of affected accounts, it emphasized that its “domino liquidation prevention system” helped prevent more severe chain liquidations tied to the “abnormal bitcoin price.” The exchange also clarified that the incident was not related to any external hacking or security breach and assured that “this incident did not result in any loss or damage to customer assets.”

This accidental deposit and the subsequent price volatility on Bithumb coincided with a broader, dramatic selloff in the Bitcoin market. On the preceding Thursday, Bitcoin experienced one of its most significant price declines in history, breaking through key support levels and triggering widespread forced liquidations. Data from Bitcoin Magazine Pro indicated that BTC plunged to $60,000, marking the largest raw dollar drawdown ever recorded. This correction left Bitcoin approximately 50% below its October 2025 all-time high of over $126,000, surpassing even the selling pressure observed during the FTX collapse as broader risk markets weakened. The market downturn was exacerbated by high leverage, with more than $1.1 billion in derivatives positions liquidated after the support level near $70,000 failed, accelerating the slide into the $60,000 range. At the time of reporting, Bitcoin was trading above $69,000.