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Olivier Reuland

Bithumb sent 620,000 BTC instead of 620,000 won

Bithumb apologised for a staff error that sent customers 620,000 bitcoins instead of 620,000 Korean won. How was this possible?

Bithumb has apologised for staff error that sent customers 620,000 bitcoins instead of 620,000 Korean won, equivalent to a few hundred US dollars. The total received by various recipients was equivalent to roughly 14 times more bitcoin than the exchange owns.

My question is: how was this even possible?

  • How is it possible for one employee to send this much money?
  • Was there no approval process, and if so, why was that much Bitcoin in hot wallets?

The root cause is not a human error. The root cause is poor processes.

Olivier Reuland
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