Haciyev Reşit 
South Korea–based cryptocurrency exchange Bithumb has come under scrutiny following a serious operational mistake during an airdrop distribution. According to allegations, an employee at the exchange mistakenly sent a total of 2,000 BTC to hundreds of users due to an error in the airdrop process. The incident quickly spilled over into the markets, causing Bitcoin prices on Bithumb to fall to levels approximately 10% lower than those on other global exchanges.
Mistaken Distribution Triggers Panic
The attempt to quickly sell a portion of the mistakenly credited Bitcoin created a sudden and imbalanced supply glut on Bithumb. Although this theoretically presented arbitrage opportunities, the market initially struggled to close the gap. As a result, BTC prices on Bithumb dropped well below global averages, leading to a short-lived price dislocation.
Market participants noted that the incident raised concerns about liquidity management, operational controls, and internal audit processes. According to experts, such errors not only have temporary price effects but also act as stress tests for how quickly and effectively exchanges can respond during crises.
Attention Turns to the Exchange for an Investigation
Following the incident, attention shifted to Bithumb’s management, with questions arising about whether the erroneous transfers can be reversed and what procedures will be applied to the accounts that received BTC by mistake. Experts caution that such operational errors can pose systemic risks, particularly for centralized exchanges. Large mistaken transfers can rapidly disrupt price stability and erode investor confidence.
As of now, Bithumb has not released a detailed official statement on the matter. Analysts suggest the incident may extend beyond a technical mistake, potentially affecting the exchange’s reputation, user trust, and local market pricing—at least in the short term. The price deviation observed in the South Korean market could also attract the attention of regulators and market authorities.
Assessment
The airdrop error at Bithumb once again highlights how significant the consequences of human error can be at centralized exchanges. The price distortion caused by the accidental distribution of 2,000 BTC demonstrates how sensitive market mechanisms are, and expectations are rising for tighter controls and greater transparency from exchanges going forward.
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