The South Korean exchange Bithumb intended to distribute 620,000 won (about $425) as prize money, but accidentally distributed 620,000 bitcoin instead. This amounted to around $40 billion dollars. The kicker is that their own vaults only contained around 42,000 Bitcoin.
Recipients of the Bitcoin then tried to cash out all at once causing a 17% dip in the market (congrats to those that bought the dip).
I know market manipulation exists, but it was interesting to see one done by mistake. What I can’t figure out is how they distributed more bitcoin than they held.
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