Bithumb Accidentally Distributes $44B Worth of Bitcoin; Prices Drop 17% on the Exchange

South Korean crypto exchange Bithumb reported on February 7, 2026, it mistakenly distributed over $40 billion worth of Bitcoin as part of a promotional event, causing a sharp selloff on its platform. The firm recovered 99.7% of the 620,000 affected coins, valued at about $44 billion at current prices, and restricted trading and withdrawals for 695 customers within 35 minutes of the error on February 6, 2026. The incident, unrelated to hacking, stated there are no security or asset management issues. Bitcoin prices on Bithumb briefly fell 17% to 81.1 million won before recovering to 104.5 million won as of the close. Bithumb trails Upbit in the South Korean crypto space.