What if you received 2000 BTC?

[Felicity_Tide]

. Can you just imagine if you were one of the users who randomly received that amount of bitcoin?

There is clearly nothing to imagine because doing the otherwise, by spending or running away with it, is definitely going to have massive consequences. Though, in this case, the same exchange realized that mistake after it was flagged according to the report, so I doubt if you would have been lucky enough to run away with it, because it was even reported that they recovered about 99.9% of the funds. 2000 btc is not a small figure. As long as I have zero idea about the funds, it's not worth touching.

[coupable]

. Can you just imagine if you were one of the users who randomly received that amount of bitcoin?

There is clearly nothing to imagine because doing the otherwise, by spending or running away with it, is definitely going to have massive consequences. Though, in this case, the same exchange realized that mistake after it was flagged according to the report, so I doubt if you would have been lucky enough to run away with it, because it was even reported that they recovered about 99.9% of the funds. 2000 btc is not a small figure. As long as I have zero idea about the funds, it's not worth touching.

To be clear, they didn't broadcast a transaction containing the full amount in bitcoin, but the distribution was off-chain as internal transfers. It means it was just scriptural in screens but not real transaction. Later they succeeded to cancel the transaction, except for few who were connected at that moment and quiqly run away with some bitcoins. What I found strange is that giveaway distribution was made manually, while withdrawals were made automatically.

[BABY SHOES]

I would not be able to do anything because they instantly blocked everyone's account. But if they had not blocked accounts, I would have sold the amount because the money in my account is mine haha. At least at first glance, I would have gone crazy because the amount they sent is not small. 2490 BTC in my account haha, I would have gone crazy for sure.

How not crazy... that's millions of dollars just dropped in my account. Lol for sure I will scream for joy.

I can only wish to receive such a huge amount in my non-custodial wallet. What if they had asked for a wallet address, not from the exchange? Well, that's why they always ask for a UID. Maybe the mistake might not have happened in the first place if they had asked for a non-custodial wallet address, because at least the network could tell them something was wrong.

I have yet to see an event or airdrop held by an exchange asking for a non-custody wallet, they will definitely ask for a UID as ownership of the account, whereas asking for an off-exchange address can be disastrous if the exchange makes a fatal mistake like this... try to imagine 2000 BTC being sent accidentally to a custody wallet, then the exchange can't do anything after that.

[tvplus006]

Where did the missing portion go?
The accounts that participated in the event where frozen, and it happened in a centralized exchange, they could control the transactions and non of the prize where withdrawn.
So does this means that the missing portion was taken by transaction fee when the participants tried to convert their prize into fiat? or did we miss some info?

The fact is that Bithumb did not immediately block the withdrawal, but only 35 minutes after the reward was sent. This time turned out to be enough for some of the participants to sell the received BTC, as a result of which the price of bitcoin on the exchange decreased by 10% relative to the market price and the received stablecoins were withdrawn from the exchange to their wallets.

[Mpamaegbu]

The fact is that Bithumb did not immediately block the withdrawal, but only 35 minutes after the reward was sent. This time turned out to be enough for some of the participants to sell the received BTC...

I'm really curious to know what punishment the erring staff who did that received. I can bet it caused his employer huge capital loss. As for those who hurriedly sold off, I don't blame them. Perhaps they thought it was their actual due from the promotional event they participated in. However, if they knew that it was mistakenly sent to them and they sold off in that rush, that's criminal. That's how I see it.

[ndutndut]

. Can you just imagine if you were one of the users who randomly received that amount of bitcoin?

There is clearly nothing to imagine because doing the otherwise, by spending or running away with it, is definitely going to have massive consequences. Though, in this case, the same exchange realized that mistake after it was flagged according to the report, so I doubt if you would have been lucky enough to run away with it, because it was even reported that they recovered about 99.9% of the funds. 2000 btc is not a small figure. As long as I have zero idea about the funds, it's not worth touching.

Yes. There's nothing we can do if we receive Bitcoin for nothing due to employee error. Exchanges are completely under their control. Even if they make a mistake, they can easily freeze your account and recover any funds they've misdirected. I also read the latest news that they've successfully recovered approximately 99.9% of the funds, so you can imagine that with so many misdirected funds, no user can retrieve them because they control the exchange. Unless they send them outside the exchange they're probably bankrupt by now.

That's why we, as investors especially those with significant assets shouldn't store them on exchanges. Your assets aren't under your control they're controlled by the exchange and they can freeze them at any time if something happens. Every incident including the error that occurred on the Bithumb exchange, should be a lesson learned.

[savetheFORUM]

People who do something with it would be in legal trouble, so why would I want to get that and get out? I can't use it, they would track it and it would be jail reason to steal that money even though they have credited to my account in that case. I am telling you, it is not even about being a good person or bad person, even if you are a bad person who is willing to steal from people, there is really no need to just keep doing this, it would not work out at all and you would end up with jail time so why would I do it?

Money isn't the reason here, morality or ethical acting isn't the question here, good or bad every single person should let the company take it back so that you do not go to jail, that's the main reason.

[JoyMarsha]

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.

I am thinking the same as you that if an employee can roll out BTC as a mistake to the lucky users, what does the future hold for Bithumb and its employees via having access to the exchange crypto coins? Because an employee can intentionally roll out some crypto coins for themselves and before the management would know and trace that, they have changed location(run away where no one could find them)