What To Know:
- Reports claim Bithumb mistakenly distributed 2,000 Bitcoin to employees instead of 2,000 Korean won, raising concerns over internal controls.
- The alleged error triggered brief local selling pressure, with Bitcoin on Bithumb dipping about 10% versus global markets.
- Bithumb has yet to issue an official statement, leaving traders and analysts watching closely amid broader crypto market weakness.
South Korea’s Bithumb was apparently shaken by reports of a serious operational mishap, where the platform allegedly distributed 2,000 Bitcoin. According to Definalist, a core member of the Dumpster DAO, the platform purportedly distributed 2,000 Bitcoin to employees rather than the reward of 2,000 Korean won that it intended to provide them.
If this news is confirmed, it will represent a huge discrepancy in value and has given new cause for debate on the internal controls of centralized exchanges. The unexpected Bitcoin allocation was said to have come through what looked like an accidental airdrop, with hundreds of users receiving the move. Meanwhile, Bitcoin prices on Bithumb briefly fell about 10% compared with other global markets. This divergence pointed towards local selling pressure, presumably reflecting some form of confusion or a quick exit effort.
Bithumb’s Reward Glitch Sends Out 2,000 Bitcoin
As of yet, Bithumb has not issued an official statement addressing the claims. Since confirmation was lacking so the market has been left with secondary information and on-chain views, keeping uncertainty high. Traders and analysts are closely observing for clarifications, because such a scale of the alleged blunder is hard to miss.
Bitcoin on @BithumbOfficial just crashed over 10% below market price. Rumor has it someone got wrong deposit of 2,000 BTC by mistake and just dumped it all at market price immediately
willlld pic.twitter.com/lh0pSxtzmf
— Definalist (@definalist) February 6, 2026
Incidentally, the timing of the mistake coincided with a global wave of weakness across the crypto market. Bitcoin suffered a sharp sell-off earlier today, falling to nearly $60,000 at one point. This particular level marked its lowest price in close to 16 months and triggered widespread liquidations. Panic selling followed, which reinforced short-term bearish momentum.
Bitcoin has since recovered some of those losses. At the time of writing, it was trading around $66,200, up only 0.5 percent over the past hour. The recovery was only a small pick-up from a rough patch. Bitcoin has fallen now more than 15 percent this week, following an 11 percent drop last week. This collective retreat has been one of its slowest but longest-lasting short-term corrections in recent months.
Selling pressure had already taken Bitcoin below some of the critical technical support levels by the end of last week. Market participants argue that sustained trading below these zones is frequently associated with a further dilution in sentiment. If downside pressure continues, analysts point to the $54,800 level on the weekly chart as the next big concern. That region has previously drawn buyers, but confidence is feeling wobbly in the current environment.
Instead of rallying itself, many traders anticipate a consolidation. In this case, Bitcoin might move sideways within a wide range from $60,000 to $70,000. Such periods often reflect uncertainty, as buyers and sellers reassess risk following sharp declines.
Some analysts argue that Bitcoin’s price behavior now reflects the dominance of derivatives markets. According to this view, multiple financial claims tied to a single Bitcoin dilute the asset’s perceived scarcity. Price movements are increasingly shaped by leverage, liquidations, and short-term positioning rather than spot demand alone.
Several analysts shared a cautious tone. They argue that the last rebound doesn’t hold up well since Bitcoin recently broke through a key support level. To their estimation, the market faces another plunge to the lower $50,000 range. They call the current bounce a common dead cat bounce; the market recovers temporarily before heading back down. For a while before more explicit reversal signals come into play, they advise investors to keep their guard up and keep things liquid in an environment of heightened volatility.
Stress has not been limited to digital assets. Analyst Jeremy Boulton said that an abrupt drop in gold prices had recently spread across the metals market. This action, in turn, could have led investors to lock in profits or sell other assets to cover their losses. Large unrealized gains persist in multiple markets, setting the stage for wider profit-taking.
Also Read: Amid Rising Geopolitical Tensions, Crypto Dips as Dollar Strengthens
