Alleged 2,000 BTC "airdrop" triggers Bithumb flash crash, local BTC price drops 10%
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Alleged 2,000 BTC "airdrop" triggers Bithumb flash crash, local BTC price drops 10%



Bithumb flash crash: alleged 2,000 BTC “airdrop” sends local price tumbling

South Korea’s Bithumb was at the center of a sharp and unusual Bitcoin price dislocation on Friday after social media users and on‑chain sleuths flagged what they say was an internal airdrop error that accidentally credited users with roughly 2,000 BTC.

Bitcoin on Bithumb briefly traded more than 10% below prices on other major exchanges — a striking divergence for BTC, whose deep liquidity normally prevents exchange‑specific moves of that magnitude. Posts on X (formerly Twitter) claimed a staff mistake during an airdrop sent Bitcoin to accounts instead of the small KRW‑denominated reward that was intended. Some recipients reportedly sold the coins immediately, accelerating the drop on the platform.

On‑chain analytics firm Lookonchain highlighted the anomaly, estimating the misdirected amount at about 2,000 BTC (roughly $133 million at the time). The firm and several users pointed to the sudden price gap as evidence of either an operational glitch or a sudden liquidity shock localized to Bithumb.

Bithumb had not publicly confirmed the alleged transfer error, the exact amount involved, or whether the funds were withdrawn, frozen, or reversed. It also remains unclear if the exchange will roll back affected trades. The incident is especially sensitive because Bithumb — one of South Korea’s largest exchanges — has previously drawn scrutiny over outages, regulatory compliance, and operational controls.

Crypto.News reached out to Bithumb for comment but had not received a response at press time. We will update this story as more details or official statements become available.

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