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Bithumb, South Korea’s second-largest cryptocurrency exchange, announced that a total of 620,000 Bitcoin was sent to 695 users due to an operational error during the event reward distribution.
Contrary to previous estimates of 2,000 BTC circulating in the market, the extent of the erroneous distribution turned out to be much larger.
The exchange management announced that it froze transactions and withdrawals for the 695 accounts involved within 35 minutes of detecting the overpayment. According to the statement, 618,212 BTC (99.7%) of the total 620,000 BTC were recovered. It was also stated that 93% of the assets corresponding to the 1,788 BTC that were sold were recovered. The company announced that the unrecovered portion would be covered by its own resources and that asset distribution processes would be redesigned to prevent a similar incident from happening again.
Bithumb also argued that the incident stemmed entirely from an internal accounting error, not an on-chain transfer. The excess balances appearing in user accounts were described as “ghost balances,” meaning they had no real counterpart on the blockchain. Therefore, while some users caused brief price fluctuations due to selling, no large-scale on-chain BTC transfers occurred.Changpeng Zhao (CZ), in a statement regarding the incident, indicated that they provided some support, however small, to the recovery process. CZ stated, “Initially, I didn’t share anything to avoid spreading FUD. Instead of $1,340, there was a human error involving $134 million. All airdrop features should have maximum value checks.” CZ also expressed uncertainty about whether such security checks were fully implemented across all portfolio projects.
The erroneous distribution of 620,000 BTC by Bithumb, representing approximately 2.95% of the total Bitcoin supply, has caused widespread repercussions in the crypto community. According to previous reports in South Korean media, the exchange managed 42,619 BTC at the end of the third quarter of last year. This suggests that the 620,000 BTC in question was not a genuine on-chain asset transfer but merely an internal accounting error.
Most centralized exchanges (CEXs) do not process user balances on-chain in real-time; instead, they are managed through internal databases. On-chain transactions generally only occur for withdrawals. While this structure provides operational efficiency, the Bithumb example has shown that weaknesses in internal control mechanisms can lead to serious market fluctuations.
Following the incident, South Korean regulatory authorities reportedly launched an investigation, while Bithumb pledged to strengthen its internal control systems and implement multi-layered verification mechanisms in its reward distribution processes.#CZ #MarketRally #USIranStandoff #BTC #WhaleDeRiskETH $BNB
$BTC

The privacy-focused moat that previously supported assets like Zcash [ZEC] has significantly weakened lately. Its erosion can be reflected in the price performances across related tokens too.
As expected, ZEC has not been immune to such a broader decline. In fact, the altcoin fell by approximately 16% over the last 24 hours alone as selling pressure intensified. And yet, on the one-hour charts, some signs of stablization between $218 and $212 could be seen too.
Fair value gap signals downside risk before recovery.
Home > Altcoin > Where will Zcash [ZEC] go next? Liquidity, Futures data all suggest…
Altcoin
Where will Zcash [ZEC] go next? Liquidity, Futures data all suggest…
ZEC remains positioned for a potential rebound despite recent losses across the board.
Where will Zcash [ZEC] go next? Liquidity, Futures data all suggest...
The privacy-focused moat that previously supported assets like Zcash [ZEC] has significantly weakened lately. Its erosion can be reflected in the price performances across related tokens too.
As expected, ZEC has not been immune to such a broader decline. In fact, the altcoin fell by approximately 16% over the last 24 hours alone as selling pressure intensified. And yet, on the one-hour charts, some signs of stablization between $218 and $212 could be seen too.
Fair value gap signals downside risk before recovery
At the time of writing, the altcoin’s price structure suggested that ZEC’s prevailing weakness may not be nearing exhaustion. On the daily timeframe, for instance, the crypto formed a Fair Value Gap (FVG) – Alluding to the presence of unfilled market orders.
An FVG typically acts as a magnet for the price. When positioned above the press time price, it often serves as a sell-side zone. On the contrary, an FVG below the price functions as a demand zone.
On the charts, the identified FVG lay below the price and represented a demand area. While this finding might support the case for a rebound, it also suggested that the price may need to trade into this zone before a sustained recovery develops. At press time, this range sat between $116 and $77 – Representing the extreme bearish-to-bullish scenario.
$ZEC
#zec #USIranStandoff #MarketRally #WhenWillBTCRebound

With over 700 billion tokens recorded in exchange-related flows over the last day, Shiba Inu has recently seen a significant increase in on-chain activity. Although price action is still erratic, following weeks of drops in the overall cryptocurrency market, underlying indicators point to the potential slowdown of the aggressive selling phase. $SHIB
#USIranStandoff #WarshFedPolicyOutlook #ADPDataDisappoints #Shibb

Bitcoin has stabilized after a sharp selloff, but weakening momentum below key support levels has left it and the broader crypto market vulnerable to further downside, experts warn.
The stable level finds Bitcoin “above $74,500,” but price action “remains fragile,” with momentum that “continues to point lower,” analysts at crypto trading firm QCP Capital noted this week.
The desk added that “upside remains constrained near recent resistance levels,” leaving broader markets “exposed to further liquidation-driven moves.”#stableBTC #BTC☀️ #StrategyBTCPurchase #USCryptoMarketStructureBill #TrumpEndsShutdown $BTC
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South Korea opens the door to corporate crypto but tightens the rules for exchanges
South Korea opens the door to corporate crypto but tightens the rules for exchanges
Contents
1. Crypto for corporate survival
2. Crypto infrastructure as a public good
3. Stablecoin turf war
4. Ownership limits defy global norms
5. Innovation is at stake
South Korea is considering increasing its corporate cap on crypto investments to 10% of total equity.
The country is debating whether exchange platforms are considered “public infrastructure” and warrant a 15 to 20% shareholder cap.
There are concerns that a cap could trigger an exodus of promising companies.
South Korean regulators are considering allowing listed companies and professional investment firms to invest as much as 10% of their equity capital in crypto, potentially doubling the previous limit of 5%.
The end of the nine-year ban of corporate crypto investment was announced on January 11 but excitement was short lived as industry players expressed disappointment in the allocation limit.
South Korean corporate crypto adviser Rich O told Cryptopolitan that while the move is seen as an improvement, he believes the cap would restrict corporate participation.
He said a 5% cap is impractical since price volatility and integrated cash and crypto accounting could push firms, unintentionally, over the limit.
“If the price of bitcoin rises significantly, compliance with the limit could force a sale. It’s not a very good rule, given that the defining characteristic of crypto is its volatility and constant price fluctuation.”
Rich O suspects authorities are fearful of publicly listed companies adopting a similar crypto playbook to MicroStrategy, which was rebranded to Strategy in 2025. The company has the world’s largest corporate holder of Bitcoin with a reported 650,000 bitcoins.
He anticipates the government will increase the cap over the coming years.
Crypto for corporate survival
Iris (Sungyoun) Park, is co-founder of South Korean web3 consultancy firm DELV and an attorney specializing in crypto. She told Cryptopolitan that there is tremendous corporate interest in diversifying portfolios with digital assets.
“Diversification is absolutely vital for the survival of companies these days. South Korea is experiencing ongoing disparities in the value of assets which you can see with house prices and gold skyrocketing while the price of bitcoin is not.”#BTC #KoreaCrypto #Bitcoin❗ #BitcoinETFWatch #FedHoldsRates $BTC
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