What if you received 2000 BTC?

[Yaunfitda]

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?

....

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?

On other hand, as per reports, they want to reappoint their current CEO for another two year term, despite this scandal of them. Just imagine if this is somewhere else, like in the US wherein the CEO might be automatically removed from the office because of this mistakes, but not South Korean and not Bithumb. Although some money has been recovered already, but still this is the worst nightmare for any other business and shouldn't repeat itself. I don't know though if those who received it has voluntary returns as there are some who immediately withdraw their funds.

https://financefeeds.com/bithumb-ceo-reappointment-amid-aml-fines/

[RuneStockx]

Honestly, if that happened to me, I'd probably think it was a bug first before getting excited. But even if someone received 2000 btc, it doesn't really mean they can keep it. Since it happened inside an exchange, bithumb can trace everything and freeze accounts quickly.

What this really shows is that even big exchanges can still make simple human mistakes, and one wrong input can cause a huge problem. Good thing they reacted fast before more users tried to move the coins.

[Jostern]

I think it’s definitely going to be a dream, because I absolutely don’t know how it’s possible for that to happen, someone sending that huge amount of bitcoin to you is absolutely insane and it’s extraordinary something that we can even think of it happening anyways, Well if that is possible I think it’s just better to focus on buying bitcoin, but if you get such amount of bitcoin I think it would be better to keep buying and holding bitcoin, and your wallet might just get frozen if you end up receiving such amount of bitcoin into your wallet, I know someone who have such experience, and he absolutely thought it was more like a bug for him because he doesn’t know what was happening immediately, but at first you might be happy, but eventually I think you can’t have that money personally because that isn’t your money and it would end up getting returned to the owner.

[tabas]

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.

That answer is just for the sake of having it and discussion. But we have an idea that whoever gets that and even with the quickest reaction time for understanding that a bug has happened will be chased by the exchange. They have got the identities of those users that will take advantage of that moment and if they're willing to put that into a battle of courts, who knows who's going to win with that case. And as usual, it's never recommended to store our coins in these exchanges because if majority of those bitcoins are not returned and most users have that quick reaction and they won't mind defending that it's not their fault for having that error, the exchange might say that those deposits are gone forever if there's no more refund.

[Powerjumboo]

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?

Here, all the accounts to which the Bitcoin went were frozen, due to which the customers could not use the Bitcoin. Bitcoin entered the customers' accounts from the centralized exchange, due to which they were able to freeze each account very easily, as a result of which they could not use the Bitcoin from all the accounts to which the Bitcoin went by mistake. If One Chain had gone from any wallet, then there might have been no way to freeze it, then all the accounts to which the Bitcoin went could use the Bitcoin. However, if it had come to my account here, the same situation would have happened, I had no power to use it, I just had to look at the numbers on the mobile screen.

[Just Say]

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?

Here, all the accounts to which the Bitcoin went were frozen, due to which the customers could not use the Bitcoin. Bitcoin entered the customers' accounts from the centralized exchange, due to which they were able to freeze each account very easily, as a result of which they could not use the Bitcoin from all the accounts to which the Bitcoin went by mistake. If One Chain had gone from any wallet, then there might have been no way to freeze it, then all the accounts to which the Bitcoin went could use the Bitcoin. However, if it had come to my account here, the same situation would have happened, I had no power to use it, I just had to look at the numbers on the mobile screen.

Actually we have seen that all the wallets mentioned here that had Bitcoins sent to them were shut down due to errors, as a result of which those users did not get the opportunity to use them even though they received 2,000 Bitcoins instead of 2,000 Won, as far as I know. You should also know that Bithumb was unable to fully recover the Bitcoin they accidentally sent. By the way, if 2k Bitcoins were deposited in one of our wallets, it might seem like an error or bug that could cause that wallet to be frozen, as happened to users of the S. Korean cryptocurrency exchange.

The platform said it had recovered 99.7 per cent of the mistakenly sent bitcoins, and that it would use its own assets to fully cover the amount that was lost in the incident.

[ZAINmalik75]

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?

An employee made the mistake but the ceo is paying, the exchange has been fined and the authorities have several investigations ongoing against the exchange, a simple mistake has done huge damage to the exchange. Their reputation might not be affected that much because the mistake caused no serious damage to the customers, they did not lose any personal information like many other exchanges that were hacked and they lost customers' data.

If I had received the amount, I would have done nothing like all those 249 users. I might be happy for some time, and can have a really cool story to share with others but other than this, nothing to be happy about.
What do they do with that employee? He must have been fired.

[mcdouglasx]

What do they do with that employee? He must have been fired.

If it really was an employee who made the mistake, because it could have been a system failure, which would damage their reputation, and they prefer to claim human error. Who knows? Because it's complicated to attribute this kind of thing to a single person. If an employee could exchange KRW for BTC and press enter without triggering an Unusual Amount alert, the failure lies in business logic, not just in one person's fault. Not to mention the multi-signature and numerous security barriers in place before proceeding. But for the benefit of investors, it's better to say, "human error"...