A digital currency platform accidentally sent $40 billion worth of Bitcoin to its users.

February 16, 2026
libyawire
Economy
0

The cryptocurrency trading platform “Bytham” apologized on Saturday after mistakenly transferring over $40 billion worth of Bitcoin to its users, causing a temporary drop in the currency’s price on the platform.

“Bytham” explained that it had erroneously sent 620,000 Bitcoin, currently valued at over $40 billion, and suspended trading and withdrawal operations for 695 users within 35 minutes of the error occurring on Friday.

“We sincerely apologize for the inconvenience.”
According to local reports, “Bytham” was supposed to send about 2000 won ($1.37 USD) to each customer as part of a promotional offer, but instead mistakenly transferred approximately 2000 Bitcoin to each user.

“Bytham” said in a statement, “We sincerely apologize for the inconvenience caused to our customers as a result of the error that occurred during the distribution process of this promotional offer.”

The platform confirmed that it has recovered 99.7% of the Bitcoin that was sent in error and will use its own assets to fully cover the missing amount.

“Sharp fluctuations” in Bitcoin prices
The platform acknowledged that the error briefly caused “sharp fluctuations” in Bitcoin prices, as some recipients sold the coins, adding that it had the situation under control within five minutes.

Charts showed a slight drop in the currency’s price by 17%, reaching 81.1 million Korean won on the platform late Friday.

“Panic selling”
In a separate statement on Saturday, the Bytham platform explained that some trades were executed at unfavorable prices for users due to the price drop during Friday’s incident, including “panic selling.”

The platform confirmed it will compensate affected customers by fully covering the price difference plus a 10% bonus.

Losses were estimated at approximately one billion Korean won.

The platform had confirmed that the incident “is not related to any external hack or security breaches.”

Bitcoin, the world’s largest cryptocurrency, saw a sharp decline this week, erasing gains made following US President Donald Trump’s victory in the November 2024 presidential election.

Bytham

Bytham is a village in Lincolnshire, England, historically known for its medieval market charter and its position along the River Glen. Its most notable feature is the earthwork remains of Bytham Castle, a motte-and-bailey fortress built in the 11th century, which played a role in the conflicts of the Anarchy period in the 12th century.

Bitcoin

Bitcoin is a decentralized digital currency created in 2009 by an anonymous person or group using the pseudonym Satoshi Nakamoto. It operates on a peer-to-peer network secured by blockchain technology, enabling transactions without the need for a central authority like a bank or government.

Korean won

The Korean won is the official currency of both South Korea and North Korea, with its origins dating back to the Korean Empire in the early 20th century. The modern South Korean won was reintroduced in 1962, replacing the previous hwan, and has since become a major global currency.

US

The United States is a federal republic founded in 1776 after declaring independence from Great Britain. Its history is marked by westward expansion, a civil war over slavery, and its emergence as a global superpower in the 20th century.

Donald Trump

Donald Trump is a businessman and media personality who served as the 45th President of the United States from 2017 to 2021. His presidency was marked by a populist and unconventional political style, significant tax reforms, and a focus on immigration restriction and “America First” foreign policy.