What if you received 2000 BTC?

[Zigabel]

Since it is on the exchange wallets I don't think there's much you can do, immediately they noticed, they could salt withdrawals, making it difficult to transfer the Bitcoin to another wallet so the best you can do would  be Holding  until the exchange rectifies the situation and if you are lucky, you get compensation for the inconvenience, that's if rhe exchange is as generous.

[tvplus006]

Your information is wrong. 2k btc is the total amount distributed to the all of random box even participants. The total participants are also 695 users, not 249 users. So each users received random amounts of bitcoin. the news about each user received 2k btc is fake.

No, a total of 620,000 bitcoins were distributed as an airdrop, of which 99.7% were returned on the same day. The remaining 0.3%, which amounts to 1,788 BTC, was offset by the company's assets, according to a Bithumb press release - https://feed.bithumb.com/notice/1651928 By the way, Binance, according to CZ, also helped in restoring the original amount of BTC.

[HelliumZ]

The headline has nothing to do with the incident, meaning that any decision or action they can take regarding the exchange's mistake and whether or not to recover is a matter of policy for their exchange alone.

But if I had 2000 Bitcoins as per your title, I can't imagine what I would do because if I had 0.2 Bitcoins, I would be able to fulfill some of my irreplaceable hobbies. And with two thousand bitcoins, I would be among the richest people in my country and I would be able to change my lifestyle and fulfill many other unfulfilled desires.

[Smack That Ace]

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?

This issue of Bitcoin dumping has become very worst imagine that Bitcoin was closed $100k some weeks ago is now in $70k what a big surprise because if they told that Bitcoin will below the $100k I won’t believe, and the funny parts be say nobody knows what is really cause the market fluctuations. . But we hope everything recover soon; since normal not condition is permanent.

The real reason for market volatility and the decline in bitcoin prices is that no asset only goes up without ever going down. Bitcoin experienced strong growth for a long period, and its decline was predictable and inevitable. Those who are surprised by this decline simply do not understand market's rule and always expect price to move in only one direction.

Sometimes, we do not need to overcomplicate things and try to find reasons every time Bitcoin goes up or down. It is simply that the market never stands still, it is always moving.

Sooner or later, Bitcoin will definitely rise again, and we just need to wait because that is also inevitable.

[Judith87403]

This sounds wild, yet this sort of error is very unlikely to be any reason why Bitcoin is dragged down further.

Even if 620,000 Bitcoin sounds really large, nearly all of it was locked and quickly recovered. There wasn't a really a clear chance for all those coins to be freely sold in the public market, and this is what may actually affect price. Markets normally react the supply and demand, instead of temporary accounting mistakes that are reversed.

Most time, incidents such as this affect trust in exchanges and remind users of the operational risk. Which can cause a bit if fear on the short term, yet it would not change the fundamentals of Bitcoin.
Truely, to imagine being one of the users is crazy to do, yet it wasn't really their own BTC to start with.

[MinMan]

What's the point in imagining anything? As said by everyone, it is not like they received those bitcoins in their non-custodial wallets where it wouldn't have been possible to reverse the transactions or get the coins back by the sender, but they were sent within the exchange, and as soon as they made the mistake, they must have halted all the operations immediately, because imagine if you are the employ who makes that mistake, you will obviously inform the team immediately about the mistake you have made, and then they are going to find a way to rectify the mistake, and in this case, they did exactly that.

No user could obviously be able to withdraw the funds, and they must have also halted the trading operations because one could easily sell their bitcoins to USDT or any other asset and then use the P2P platform to withdraw the funds to their fiat account without having to go through the exchange withdrawal process, so as soon as they realized that the mistake has been made, they must have halted all the operations for the whole exchange, or maybe the specific users that were given the rewards, and then they must have reversed what has been done.

This also teaches us why we shouldn't keep a lot of funds in our exchange accounts because they can access everything you have there.

[terrific]

That looks a jackpot when someone randomly receives it. But we don't have to fool ourselves when that mistakenly happen to our exchange accounts.
The exchange itself will detect that mistake quickly and you'll not be able to withdraw that. So, they can modify it and will only apologize to you when you're one of the receivers.
And if you're able to successfully withdraw that amount, they're going to send you a demand letter/email for you to return it to them or if not, you'll get sued.

[uchegod-21]

The headline has nothing to do with the incident, meaning that any decision or action they can take regarding the exchange's mistake and whether or not to recover is a matter of policy for their exchange alone.

But if I had 2000 Bitcoins as per your title, I can't imagine what I would do because if I had 0.2 Bitcoins, I would be able to fulfill some of my irreplaceable hobbies. And with two thousand bitcoins, I would be among the richest people in my country and I would be able to change my lifestyle and fulfill many other unfulfilled desires.

That is if you will notice on time to withdraw it before the exchanges notice and freeze those bitcoins and you are unable to withdraw those bitcoins and fulfil your dream of becoming one of the richest people in your country. This is really a crazy thought. The exchange will notice quickly and freeze your account. Just like they have done here and were able to successfully recover all bitcoins transferred mistakenly.  The exchange is indeed lucky.

[MinoRaiola]

If I saw it right, there was only 30 minutes to react to transfer or sell the 2,000 Bitcoin. It was a transfer in the exchange, so no payout to extern wallets. If that had happened, so many Bitcoin would never have been recovered, and the loss would have been much higher. I think many would think of selling the coins first. If the account is KYC verified, it would not be so easy to be left alone. An investigation would start. But I can also imagine that there is someone who gets away with it.

[348Judah]

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?

Lets not try to make things worse the more by creating FUD to the market, because this is not the first time that the market will be at dip, we have to understand that volatility is common to the market performance and we should have been used to it already, being well prepared for it and know what to do when the season arrives for bear market, there's no mistake anywhere dragging the market down, instead its just a normal bearish reaction to its due season.

[Cookdata]

Doubts about this story are questionable. Delivery errors can occur if the person doing it is human, not a machine.
Receiving 2000 BTC for free would allow the recipient to stop working, as the current price of Bitcoin is not $7 but $70k.
If someone were to return it to the owner, they wouldn't be human but an angel. The price drop in question isn't due to this, in my opinion, but for other reasons. Only certain parties are prepared to buy thousands of Bitcoin at once.

I doubt if Bithumb has 2000 per head for users, I read on the top thread that it's 2000 Btc that was shared among the users but I feel this is manually done. I feel some people are lazy, I can manually distribute Bitcoin to numbers of wallet address and I doubt if I'm going to make any mistakes. It's questionable for exchange like Bithumb without automatic distribution of Bitcoin while other exchanges has a way they do it. Let's assume they do it manually, why not employ a competent person for the job.

If I receive such a significant amount of Bitcoin, I will be scared to even touch it. I have seen some people get arrested for receiving $20 worth of Bitcoin because it was link to a stolen Bitcoin that resulted to the death of one person. I will keep the coin for as long as I could, it will definitely make a news one day. If 50 Btc could make headline on Cointelegraph, rest assure 2000 Btc will make more heal where everyone are going to be watching your moves.

[WaySummit]

Even though it's decentralized, intervening in an accidental transaction is truly astonishing.

[macson]

If those 2,000 bitcoins were bitcoins in an exchange account, then I wouldn't be so happy because they're just numbers in an account and aren't actual bitcoins when we look at them.

So, no matter how you try, that 2,000 bitcoin is just an illusion. Even if you try to withdraw, the system will definitely cancel it because it will check for errors or other issues related to the user's account. You most likely won't be able to get those 2,000 bitcoins because the system can check for any abnormalities in their system.

[r_victory]

I also don't think it's related to the price drop. Regarding receiving that money by mistake, it wouldn't be advantageous at all, firstly because the money isn't yours, you'd certainly be harming someone else, and secondly, by checking, they'll know for sure who they sent it to, and let's suppose you managed to withdraw it, you could be criminally penalized for misappropriation. I don't want anything that isn't rightfully mine.

[tvplus006]

If I saw it right, there was only 30 minutes to react to transfer or sell the 2,000 Bitcoin. It was a transfer in the exchange, so no payout to extern wallets. If that had happened, so many Bitcoin would never have been recovered, and the loss would have been much higher. I think many would think of selling the coins first. If the account is KYC verified, it would not be so easy to be left alone. An investigation would start. But I can also imagine that there is someone who gets away with it.

I think that the number of BTC sales on Bithumb was small and there was no mass withdrawal from the exchange due to the fact that not all users were online and could not react in a timely manner to such a change in their wallet balance. And by the time they found out about this incident, Bithumb had almost completely refunded the mistakenly transferred BTC.

[ThemePen]

If those 2,000 bitcoins were bitcoins in an exchange account, then I wouldn't be so happy because they're just numbers in an account and aren't actual bitcoins when we look at them.

So, no matter how you try, that 2,000 bitcoin is just an illusion. Even if you try to withdraw, the system will definitely cancel it because it will check for errors or other issues related to the user's account. You most likely won't be able to get those 2,000 bitcoins because the system can check for any abnormalities in their system.

With cryptocurrency, it is common to look at market site and believe that someone has 2,000 BTC in their account, and they do not actually have them since they do not own codes to the private secret, and that is just number in computer. As we know this was shown on when Bithumb market site by mistake put millions of dollars worth of Bitcoin in accounts of users due to technical error only to right away shut down accounts and wipe out records before anyone could get to money. Despite having legal total, moving such large amount of money will cause safety checks, hand checks and legal proof requirements most market sites would be unable to deal with in real time. To get away from chance of losing their so called ghost riches to market site closings or system breakdowns, expert buyers move their Bitcoin into physical wallets so that they could truly own their online money.

[boty]

if i actually got those 2000 btc by mistake first thing i would do is try to move them to a private wallet even though i know the exchange would notice fast. with that much money you basically solve your life and your familys life forever but being honest i doubt anyone could actually keep the funds if it was just a technical error from the exchange.

[SmartGold01]

If I am not mistakenly this news had been shared already and it was a mistake, but when they noticed that it was bitcoin they distributed they had to freeze almost all the account of those use who receives the bitcoin. I think from the news it was said that they had recovered about 99 percent of the bitcoin sent out and compensated them with KRW a bit higher than the previous they proposed to have paid them.
What happened made me to understand that no exchange is safe and you could be hacked at any given time, as they usually said that we shouldn't trust any exchange instead we should move our coin to safe or none custodial wallet.

[Alonso_]

If this will be direct deposited into your wallet and already confirmed in the chain well congratulations because you have that tons of bitcoin but if its holding with the centralized exchange i guess you dont get overwhelmed first because they have the rights to freeze your account and sadly holding your funds aside from the wrong sent bitcoin. Also for sure they will immediately made a hold most of the withdrawals if this is a system error.

What you have said is very correct, if the money was directed to his bitcoin wallet is an added boost and an advantage, and I will say congratulations to him, but in a situation that the money is pending it will always demand more scrutinizing of the account, the thing is that money will be seized for a period of time while they awaits some clearance and waits if there is a complaint that will eventually come in from anyone about the money and also they have to understand if it’s associated with anything scamming someone.

But if you received such amount of money you have to be very careful to find out where you must have gotten such amount of money before you make hold of the money.

[CryptoYar]

[...]

With worker accidentally sending 2,000 Bitcoin to people instead of small cash prize, total of billions of dollars were created fake coins that exchange did not even really have, and 695 accounts were immediately locked and money was gotten back in couple of hours.
Although Bithumb is also offering money back to those who lost their money during resulting price drop in form of 10 percent bonus, fact they can instantly shut accounts and cancel trades shows end user is under power of internal rules of exchange. In order to stop risks of human error or automatic account locks, most safe way is to trade on exchanges and move your long term savings to private hardware wallet where you are in full control of your own keys.