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When we text about currencies in everyday life, we use signs to make things shorter. When it comes to monetary transactions, banks tend to use acronyms such as USD, EUR, CAD, or GEL. While banks must adhere to the ISO 4217 standard, which assigns currency codes, cryptocurrency exchanges operate under a different code. Which almost cost one of them $44 billion, according to a Reuters report. Well, every penny out of 44,000,000,000 USD.
A mistake between the '$' and 'B' signs at Bithumb, a South Korean cryptocurrency exchange, resulted in the unintended distribution of tens of billions of dollars' worth of bitcoin to users. The company said the incident was caused by an internal error during a promotional event, not by a security breach, and that nearly all of the mistakenly issued assets were reportedly recovered shortly after the event.
According to Bithumb, the problem occurred on Friday when a promotion intended to provide small cash incentives — starting at about ₩2,000 Korean ($1.40) per participant — instead sent selected users with bitcoin rewards, with recipients obtaining at least 2,000 bitcoins each. As a result, approximately 620,000 bitcoins, valued at approximately $44 billion, were distributed incorrectly. Good news (for the exchange, not for its users) said it identified the issue quickly and imposed restrictions on trading and withdrawals, which affected 695 accounts within 35 minutes, so almost nobody got rich. Well, except those 0.3% out of 99.7%, from which the assets were recovered.
Bitcoin price plunges, wipes $1 trillion from value weeks after it hit all-time high
South Korean crypto exchange Upbit reports $30 million theft
Key considerations
- Investor positioning can change fast
- Volatility remains possible near catalysts
- Macro rates and liquidity can dominate flows
Reference reading
- https://www.tomshardware.com/tech-industry/cryptocurrency/SPONSORED_LINK_URL
- https://www.tomshardware.com/tech-industry/cryptocurrency/crypto-disaster-sends-usd44-billion-in-bitcoins-to-random-users-exchange-accidentally-makes-funds-vanish-thanks-to-a-typo#main
- https://www.tomshardware.com
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Informational only. No financial advice. Do your own research.