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Photo courtesy of Bithumb |
[Alpha Biz= Kim Jisun] It has emerged that Bithumb experienced four similar payment errors even before its recent high-profile Bitcoin misallocation incident.
According to data titled “Bithumb Event Reward Payment Error Status” submitted by Bithumb to the office of Kang Min-kuk of the ruling People Power Party on the 26th, the exchange recorded four reward payment errors last year alone. This is two more cases than the two mispayment incidents cited by Bithumb CEO Lee Jae-won during an emergency parliamentary hearing of the National Assembly’s Political Affairs Committee on February 11.
Including the most recent incident on March 6—in which “won” was mistakenly entered as “Bitcoin,” resulting in the erroneous payout of 620,000 bitcoins instead of KRW 620,000—Bithumb has suffered a total of five mispayment incidents over the past 18 months.
The four incidents that occurred last year affected a total of 61 recipients, involving payouts worth approximately KRW 18.66 million. While 99% of the funds were recovered, the remaining 1% was absorbed as a loss by Bithumb.
By date, on May 30 last year, an error in calculating the event period resulted in a payout of roughly KRW 40,000 to one individual. On June 25, an error in identifying eligible reward recipients led to Bitcoin payouts totaling KRW 11.67 million to 13 individuals.
On July 10, a failure to deduct required taxes and charges resulted in Bitcoin payouts worth KRW 99,000 to six individuals. Most recently, on December 2, another error involving reward eligibility resulted in payments totaling KRW 6.82 million to 41 recipients.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
