Key Highlights
- Bithumb mistakenly credited hundreds of users with 2,000 BTC each instead of 2,000 KRW.
- Bitcoin traded around 10% lower on Bithumb, isolated from global markets.
- Flash crash low hit ₩81,110,000 before partial recovery to ₩98,218,000.
Bitcoin saw a sudden drop on South Korea’s Bithumb exchange after an internal reward mistake reportedly credited hundreds of users with 2,000 BTC instead of 2,000 KRW. Many who received the excess Bitcoin sold it immediately, creating heavy sell pressure on the platform.
The price drop was limited to Bithumb and did not affect the broader market.
Reward mistakenly credited
The error happened during a reward distribution, likely an airdrop. Instead of a small KRW-denominated reward, hundreds of accounts were credited with 2,000 BTC each. Several recipients confirmed the mistake, and most sold the Bitcoin shortly after it appeared in their accounts.
Bitcoin trades below global prices
Following the sell-off, Bitcoin traded about 10% lower on Bithumb compared to global markets, with brief moments showing even bigger gaps. The incident shows how internal exchange errors can distort local pricing without impacting the wider market.
Price data from Bithumb (Feb 6, 2026)
- Flash Crash Low: ₩81,110,000
- Current Price: ₩98,218,000
The BTC/KRW 1-minute chart shows a sudden drop followed by a partial recovery. A long downward wick reflects the flash crash, while trading volume spiked sharply during the error, showing intense sell activity.
Exchange reserve and market impact
Bithumb reportedly holds around 46,000 BTC in reserves. The sudden appearance of large Bitcoin balances across multiple accounts put immediate pressure on the exchange’s order books compared with available liquidity.
Bitcoin prices on Bithumb have started moving closer to global levels. The exchange has not yet issued a detailed public explanation, and it remains unclear how it will handle incorrectly credited balances or trades executed during the incident.
This is a developing story.
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