Securing Consistency Between Customer Deposits and Exchange Holdings
Beginning Compensation for Accidental Bitcoin Overpayments
Waiving Trading Fees on All Assets for One Week
Bithumb has announced that it will begin compensating for damages caused by the erroneous Bitcoin overpayment, processing payments in sequence.
In a press release on the 8th, Bithumb stated, "We have secured 100% consistency between customer deposits and the exchange's own holdings," announcing the plan.
On the 8th, as the coin's 'book-entry trading' structure came under scrutiny following an erroneous Bitcoin overpayment worth about 60 trillion won at Bithumb, a virtual asset exchange, citizens were coming and going in front of Bithumb Lounge Samseong in Gangnam-gu, Seoul. Yonhap News
Bithumb plans to pay customers who suffered losses by engaging in panic selling amid the sharp drop in Bitcoin prices at the time of the incident the full amount of their realized losses from selling, plus an additional 10% in compensation.
In addition, from midnight on the 9th for one week, it will waive trading fees for all listed assets. The company has also activated a company-wide crisis management system led by top management and is operating a dedicated task force for investor damage relief.
Previously, on the evening of the 6th, Bithumb attempted to pay prize money ranging from 2,000 won to 50,000 won per person as part of its own promotional event, but due to an input error in the unit, it paid out at least 2,000 Bitcoins. On the day of the incident, Bithumb immediately recovered 99.7% of the mistakenly paid Bitcoins, but the remaining 1,788 Bitcoins, equivalent to 0.3%, had already been sold. The company has focused on eliminating any minor discrepancies that could arise in the recovery process by using the exchange's own holdings.
Bithumb explained, "The total amount of all virtual assets we currently hold, including Bitcoin in custody, is equal to or greater than the amount deposited by users," adding, "Customer assets continue to be stored safely, just as before."
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