Bitcoin crashed to $55,000 on Bithumb after exchange accidentally airdropped users 2,000 BTC
Analysis
Price Impact
LowThe flash crash was an isolated incident on bithumb, a south korean exchange, due to an internal error, not a fundamental market shift or a security breach. prices normalized quickly on bithumb, and prices on other exchanges remained stable.
Trustworthiness
HighBithumb confirmed the incident was an internal accounting error, not a hack, and customer assets remained secure. coindesk, a reputable source, reported bithumb's official statement.
Price Direction
NeutralWhile there was a significant temporary price drop on bithumb, it was immediately corrected within minutes. the event did not impact the broader bitcoin market or its price direction outside of this specific exchange.
Time Effect
ShortThe price anomaly on bithumb was resolved within approximately five minutes, and global btc prices were unaffected, indicating a very short-term, localized event with no lasting market impact.
Original Article:
Article Content:
Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin crashed to $55,000 on Bithumb after exchange accidentally airdropped users 2,000 BTC An internal reward distribution mistake briefly sent bitcoin prices sharply lower on South Korea’s Bithumb exchange after users were mistakenly credited with large phantom balances. By Oliver Knight | Edited by Stephen Alpher Feb 6, 2026, 4:14 p.m. Make us preferred on Google Bithumb airdrops users 2,000 BTC (Photo by Daniel Bernard on Unsplash/Modified by CoinDesk) What to know : Bithumb said users were mistakenly credited with 2,000 BTC instead of 2,000 won during a rewards event, creating large bitcoin balances that existed only in the exchange’s internal ledger. Users attempted to sell the credited balances, pushing bitcoin on Bithumb as much as 15.8% below prices on other exchanges, with BTC briefly trading near 81 million won ($55,000). The exchange said it restricted affected accounts within minutes, prices normalized quickly, and the incident was not related to a hack or security breach, with customer assets remaining secure. Bitcoin BTC $ 69,276.41 suffered a flash crash to $55,000 on South Korean exchange Bithumb this week after what appears to have been a major internal accounting error. Bithumb mistakenly credited users with 2,000 BTC each instead of a small reward worth 2,000 Korean won (about $1.50), according to a blog post on Friday. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . The result was tens of millions of dollars’ worth of phantom bitcoin appearing in hundreds of user accounts. No bitcoin was moved onchain, and inflated balances existed only in Bithumb's internal ledger. Users who suddenly saw enormous balances wasted little time trying to sell, triggering a sharp selloff on Bithumb’s BTC/KRW pair, sending prices 15.8% below other exchanges. At one point, BTC traded at 81 million won ($55,000) while prices elsewhere remained relatively stable. Bithumb said it identified the abnormal transactions through internal controls and restricted trading in the affected accounts shortly after the incident. The exchange said prices on its platform normalized within about five minutes and that its liquidation prevention system operated as intended, preventing any cascading forced liquidations linked to the price movement. The company added that the incident was not related to an external hack or security breach and that customer assets remain secure. Bithumb South Korea