What if you received 2000 BTC?

[CryptoHeadlineNews]

Bitcoin really isn’t doing very well these days but could this mistake be one of the reasons why it was dragged down even further?

Bithumb, one of South Korea's crypto exchanges, said Saturday it has recovered almost all of the 620,000 bitcoins mistakenly sent to users.

According to Bithumb, it had mistakenly sent 620,000 bitcoins to 249 users who participated in a promotional event around 7 p.m. on Friday, which translated into an average of 2,490 bitcoins worth 244 billion won (US$166 million) to a single user.

An employee mistakenly put BTC instead of KRW (korean won) and sent the money. They halted the activities of the users immediately. Can you just imagine if you were one of the users who randomly received that amount of bitcoin?

Inasmuch as the money was still on the crypto exchange and wasn't sent to a non custodial wallet, the exchange still has full control over it, and I'm pretty much sure that an exchange of at capital will have an automated or manual check on huge transfers on and off the exchange, as an avenue to try to mitigate and prevent fraudulent activities. So on the nutshell, if I was privileged to be of those users who mistakenly got credited over 2,490 Bitcoins, at first, I will be very scared and contact customer support team immediately in respect of the outrageous amount of money been credited into my exchange account. Because it could be a fraud, and as long as my documents are verified on the exchange for KYC, the police and FBI could trace you and recover back that money if you try to play smart. So it is better the money goes back to where it came from.

[Zanab247]

I wonder how many times this “mistake” has happened before. If they had no way of detecting that so much Bitcoin was being inadvertently credited to users, then it’s possible that some rogue employee could be able to get away with stealing small amounts of BTC or altcoins over time, and if they were caught, they could just say that they got the currencies mixed up.

But how is it possible for someone to make such mistake to send BTC to wrong address, because I know if you want to send big amount of BTC to someone you will write down the address or copy the address and paste on another phone or system you will use to check if the address is the right address before sending the BTC. I don't think such mistake will happen to me in this industry, because I use to check like three times to know if the address is the address am sending the BTC before I will press send and the person am sending to must acknowledge it before my mind will be settle down in peace.

I don't know how some people cope with some big amount of BTC they have lost to wrong address, because it will not allow me to come close to BTC investment again if such thing happen to me, there will be fear of repeating the same mistakes and it will make me to avoid BTC completely.

[Mate2237]

There is no glory in taking what is not yours or what you did not work for so the best thing to do is after checking my wallet balance and I see the amount and I know am not expecting such amount of coins from anyone I will send it back . As there is no glory in spending money that is not ment for you as that is someone's hard earned money.


Thank God that the person who did the mistake noticed the mistake on time and took actions to recover the Bitcoins before they were going to be spending by the person who receives it. But this type of situation Once again reminds us that we should always be vigilant and check through our transactions when ever we are about to send Bitcoin especially the wallet address and the amount of Bitcoin we intend to send. Because you may not be lucky next time.

[CryptSafe]

In situations as this, the transaction could easily be put on hold or the account could be freezed immediately to further halt any fast move from the account holder because at that point anything could happen and if such account holder moves such funds or assets out of the platform, that is a byegone.

However with respect to the topic matter you have mentioned here, such volume of Bitcoin could go along way for me. I could establish myself with it and manage businesses to making sure they all grow up to a self sustaining position.

[Richbased]

Remove your eyes from money that is not yours or money that was sent to you wrongly. Even if an individual sent bitcoin wrongly to me, i will no use the money for anything except the owner is unable to reach out to me after a long time, that's if am using an exchange that my KYC information can be gotten from. It is wrong to spend an amount that is not yours simply because the owner sent it wrongly. People work so hard to earn money not to talk of bitcoin that is among the top valuable assets in the world currently so my conscience will never be at rest. The only time i can use or spend such amount of money is if it remains in my wallet for a long time and no effort was made by the sending address to recover it.

However, if the government or any NGO decides to do charity and am lucky to receive 2000 BTC, do you know what that means, generational wealth. I will invest the money judiciously and own many productive investments, own shares in big companies and many more.

[Iranus]

There is no glory in taking what is not yours or what you did not work for so the best thing to do is after checking my wallet balance and I see the amount and I know am not expecting such amount of coins from anyone I will send it back . As there is no glory in spending money that is not ment for you as that is someone's hard earned money.

No offense intended, but I believe most of us would say the same thing if asked. However, it is easier said than done. Especially when faced with a large sum of money, temptation and greed are inevitable. I guess not many people would want to repay such a large sum of money if they had enough time to process it
Even I myself was not sure what I would have done in that situation.

Thank God that the person who did the mistake noticed the mistake on time and took actions to recover the Bitcoins before they were going to be spending by the person who receives it. But this type of situation Once again reminds us that we should always be vigilant and check through our transactions when ever we are about to send Bitcoin especially the wallet address and the amount of Bitcoin we intend to send. Because you may not be lucky next time.

But I agree with you, this is a reminder for all of us to be extremely careful in Bitcoin transaction. Because they are irreversible, and even a small mistake can lead to irreparable losses.

[Awaklara]

However, if the government or any NGO decides to do charity and am lucky to receive 2000 BTC, do you know what that means, generational wealth. I will invest the money judiciously and own many productive investments, own shares in big companies and many more.

In reality, more people who obtain a large amount of Bitcoin will allocate some of it for real businesses that maintain financial stability. Anyone would surely be tempted by such a large sum coming into their hands. Even good people might have thoughts of enriching themselves, even ignoring the risks of their actions. But I still believe that there are honest people who might consider not using funds that they received without first knowing their origin.

[khiholangkang]

However, if the government or any NGO decides to do charity and am lucky to receive 2000 BTC, do you know what that means, generational wealth. I will invest the money judiciously and own many productive investments, own shares in big companies and many more.

In reality, more people who obtain a large amount of Bitcoin will allocate some of it for real businesses that maintain financial stability. Anyone would surely be tempted by such a large sum coming into their hands. Even good people might have thoughts of enriching themselves, even ignoring the risks of their actions. But I still believe that there are honest people who might consider not using funds that they received without first knowing their origin.

Well if in veryfication it is a legal gift then I think there is no need to delay in the business itself, especially if we are not mature in business, it is better to invest in a place where you can have annual dividends that can provide annual expense returns, your money will continue to grow as the value of the asset grows and you can get passive income from there, that is real financial freedom, 2000 BTC is a very large amount so you can diversify for financial security, you can retire early with that much money sir, why should drain your energy and brain on your own business right?

[Nothingtodo]

At the end of 2009, 2000 Bitcoins were not worth much, meaning that if Bitcoins had been 2000 at that time, I could have bought a slice of pizza with 2000 Bitcoins at the very least.
But right now, 2000 Bitcoins means you have the potential to become a billionaire, that is, the richest person in the world. So, imagine that if there were 1000 billionaires in the world, your name could be written in the list of 1000 billionaires.
So if I had 2,000 Bitcoins, I would find myself among the 1,000 billionaires.

[Fivestar4everMVP]

At the end of 2009, 2000 Bitcoins were not worth much, meaning that if Bitcoins had been 2000 at that time, I could have bought a slice of pizza with 2000 Bitcoins at the very least.
But right now, 2000 Bitcoins means you have the potential to become a billionaire, that is, the richest person in the world. So, imagine that if there were 1000 billionaires in the world, your name could be written in the list of 1000 billionaires.
So if I had 2,000 Bitcoins, I would find myself among the 1,000 billionaires.

Being a billionaire will not make you the world richest man, to become the world richest man, you have to have networth in trillions of dollars..
So, the reality is that with 2000 bitcoin, you can't become a world richest person especially if you consider the fact that Satoshi nakamoto, the creator of bitcoin has over 1 million bitcoin and yet, he's not yet the world richest man though I think he's among the top 10 or so..

One thing with me is that I hate to imagine vain things, imagining receiving 2000 bitcoins is so vain or useless to me because I don't see how this can be possible, and putting myself through such thinking can really hurt me emotionally because it makes me begin to remember all the stuff I really need right now that I unfortunately can not afford, I imagine what my life will be like if I had the money, and it makes feel sad because there aren't any way the 2000 bitcoin can just appear in my wallet..

[summonerrk]

If I had received 2,000 bitcoins, I would have immediately forced all my relatives and friends to quit their jobs and made sure that my future children would also never work in a different way. After all, if there is so much money, then the most important thing remains is personal safety, as well as the safety of these savings, and it is possible that a perfectly suitable plan would be to hire security guards who would protect the person from all kinds of criminal elements and, of course, the most important point of the plan would be to keep their financial condition absolutely secret.

[Richbased]

However, if the government or any NGO decides to do charity and am lucky to receive 2000 BTC, do you know what that means, generational wealth. I will invest the money judiciously and own many productive investments, own shares in big companies and many more.

In reality, more people who obtain a large amount of Bitcoin will allocate some of it for real businesses that maintain financial stability. Anyone would surely be tempted by such a large sum coming into their hands. Even good people might have thoughts of enriching themselves, even ignoring the risks of their actions. But I still believe that there are honest people who might consider not using funds that they received without first knowing their origin.

2000 BTC is a whole lot of money so anyone that receives such amount without knowing the source will definitely be scared because even if you decide to use that amount, you will need to send it to an exchange address where your KYC information will be gotten. Just like when the Lazarus group hacked BYBIT and stole about 401,000 ETH, BYBIT was still able to recover some funds and also succeeded in freezing some of the funds. Except if the bitcoins was sent to a cold wallet and the receiver decides not to move the funds to an exchange wallet, that's the only way it will be difficult to recover.

[Easteregg69]

I would have sold it and bought Ada at 2 dollar fifty. "Wealth destroyer". Time to get really high.

Cheers.

Pensum. How to reward with out complaining. I get free airdrops now.

PS. I can't just edit any post. I know that. Check the bowl. You see the president up on all caps? Don't suck down to haters at the fence. Or smack Macron!

My favorite joke. See if you got any rivals.

[o48o]

Bitcoin really isn’t doing very well these days but could this mistake be one of the reasons why it was dragged down even further?

Bithumb, one of South Korea's crypto exchanges, said Saturday it has recovered almost all of the 620,000 bitcoins mistakenly sent to users.

According to Bithumb, it had mistakenly sent 620,000 bitcoins to 249 users who participated in a promotional event around 7 p.m. on Friday, which translated into an average of 2,490 bitcoins worth 244 billion won (US$166 million) to a single user.

An employee mistakenly put BTC instead of KRW (korean won) and sent the money. They halted the activities of the users immediately. Can you just imagine if you were one of the users who randomly received that amount of bitcoin?

EX employee at the moment for sure, even though mistakes can happen to everyone, there are some level of mistakes that should make CEO question how an error with this magnitude is even possible.

Fail-safes might slow some things down in exchanges, but they are in there to prevent errors like this.

But yeah, if i would get a significant amount of bitcoins to my account, they would know my ID and by withdrawing it, i would be committing a crime. Also, i would need to explain where that btc is from when i tried to cash it out in somewhere. Bithumb would probably track all those withdrawals as well.

In 2014, if i would have mistakenly got bunch of money from a cex that wouldn't do KYC, there would be no question that i would have disappeared with those bitcoins. But it's not really comparable as back then worth $10M in usd stolen from any cex would had been enough to hurt them to a point of bankcrupt. And police wasn't involved in most cases of theft.

[tabas]

If I had received 2,000 bitcoins, I would have immediately forced all my relatives and friends to quit their jobs and made sure that my future children would also never work in a different way.

I won't do that, it's best to remain lowkey by having that kind of wealth. But usually with these mistakes, the exchange will chase the person that have received the wrong amount. And it's either they're going to sue you for their mistake and you'll have a battle in the courts. Or they will have a settlement and agreement with you that you'll have to return the amount and they'll give you a reward for that. If you both agree with that, you'll get the money that's free for yourself. Although I don't know how the most will feel if you'd return that without even being recognized by them.

[bhadz]

This might not be that amount but it could be related to what happened there in bithumb. There is also this scenario that happened to our local exchange OP. It's with the pdax, it's about a buy order of 300k pesos ($6k) which supposed to be 2.3M pesos IIRC($40K) per BTC. The user did saw that opportunity and bought some BTC for $6k when its market price was $40k, he's said that he's able to successfully withdraw it. The exchange asked him to return it but I don't know what's the next story about it.

[WatChe]

I won't do that, it's best to remain lowkey by having that kind of wealth. But usually with these mistakes, the exchange will chase the person that have received the wrong amount. And it's either they're going to sue you for their mistake and you'll have a battle in the courts. Or they will have a settlement and agreement with you that you'll have to return the amount and they'll give you a reward for that. If you both agree with that, you'll get the money that's free for yourself. Although I don't know how the most will feel if you'd return that without even being recognized by them.

If you read the story shared by OP then we get to know that Bithumb recovered 618,212 bitcoins immediately while 1,788 bitcoins were recouped later that are sold by the users. Not many users got the reaction time to utilise those Bitcoins because exchange immediatly realise the mistake and initiated the reversal process. This also tells us how authorities can manipulate the centralised exchange and its best in our interest to keep our Bitcoins in our decentralised wallets because not your keys, not your coins.

[Ojima-ojo]

Employee sent Bitcoin mistakenly to staffs, and you want us to start a conversation over it, I don't think that is necessary since whatever we are going to say will be fantasy but nothing more.


Receiving Bitcoin by mistake is not like owning Bitcoin to that tone and that should place some disregards for whatever plans that you may think to have over such Bitcoin balance the Bitcoin are not your's.

[tread93]

Bitcoin really isn’t doing very well these days but could this mistake be one of the reasons why it was dragged down even further?

Bithumb, one of South Korea's crypto exchanges, said Saturday it has recovered almost all of the 620,000 bitcoins mistakenly sent to users.

According to Bithumb, it had mistakenly sent 620,000 bitcoins to 249 users who participated in a promotional event around 7 p.m. on Friday, which translated into an average of 2,490 bitcoins worth 244 billion won (US$166 million) to a single user.

An employee mistakenly put BTC instead of KRW (korean won) and sent the money. They halted the activities of the users immediately. Can you just imagine if you were one of the users who randomly received that amount of bitcoin?

welp, it sounds like they don't get to keep the money lol. If only they were sitting right then and there when it happened. They might have had a chance to quickly send the funds to another account that they can't access and he would have been able to get away with not giving it back. What would they have done at that point I wonder? Would be a crazy situation to be in.

[Minor Miner]

Bitcoin really isn’t doing very well these days but could this mistake be one of the reasons why it was dragged down even further?

Bithumb, one of South Korea's crypto exchanges, said Saturday it has recovered almost all of the 620,000 bitcoins mistakenly sent to users.

According to Bithumb, it had mistakenly sent 620,000 bitcoins to 249 users who participated in a promotional event around 7 p.m. on Friday, which translated into an average of 2,490 bitcoins worth 244 billion won (US$166 million) to a single user.

An employee mistakenly put BTC instead of KRW (korean won) and sent the money. They halted the activities of the users immediately. Can you just imagine if you were one of the users who randomly received that amount of bitcoin?

welp, it sounds like they don't get to keep the money lol. If only they were sitting right then and there when it happened. They might have had a chance to quickly send the funds to another account that they can't access and he would have been able to get away with not giving it back. What would they have done at that point I wonder? Would be a crazy situation to be in.

Is it really that easy? Exchange have a very good grasp of user information because most have completed the KYC verification process. Even if you receive that BTC and try to transfer it with the intention of misappropriating it, they will have no difficulty finding you and recovering it. Additionally, you may face legal consequences if you intentionally misappropriate assets due to a system error.

If you find yourself in that situation, it is best not to touch it until everything is resolved.