South Korean exchange Bithumb resolved a promotional reward error that credited some users with excess Bitcoin. They recovered 99.7% of the overpaid Bitcoin, covering the remaining 0.3% with company funds to match customer balances. Bithumb assured that all virtual assets exceed user deposits. Most excess Bitcoin was retrieved directly from accounts, while liquidated portions required reimbursement.

Bithumb announced compensation measures for affected users, including a 20,000 Korean won ($15) payment for those connected during the incident. Traders who sold Bitcoin at unfavorable prices will receive full reimbursement plus an additional 10%. Trading fees will be waived for all markets for seven days. The incident began during a promotional event, causing sharp price swings when recipients sold the funds.

Centralized cryptocurrency exchanges like Coinbase and Binance have faced operational issues. Coinbase reduced unnecessary freezes by 82% after upgrading systems. Binance users reported technical difficulties during a market sell-off, leading to compensation of $728 million for affected traders. Independent and transparent journalism is a priority for Cointelegraph.

Read more at Cointelegraph: Bithumb Recovers Overpaid Bitcoin, Covers 1,788 BTC Shortfall