South Korean cryptocurrency exchange Bithumb’s chief executive apologised to users after a recent Bitcoin overpayment incident, as the platform moved to compensate customers and strengthen internal controls.
CEO Lee Jae-won said the company “sincerely apologizes for the concern and inconvenience caused,” adding that Bithumb would prioritize customer asset protection and work to provide a more stable and trustworthy trading environment.
The exchange said it completed full reconciliation of customer assets as of 10:45 p.m. on Feb. 7 and has begun compensation payments in stages. Bithumb added that customer holdings are now fully matched, or exceeded, by the exchange’s own reserves.
According to the company, 99.7% of the mistakenly distributed Bitcoin was recovered on the day of the incident.
For the remaining 0.3% (1,788 BTC) that had already been sold, Bithumb used its own assets to restore balances and ensure full alignment between customer deposits and exchange reserves.
The incident stemmed from an erroneous event-related distribution.
Bithumb said it immediately froze trading and withdrawals on related accounts and launched recovery efforts, while providing ongoing updates on the cause, recovery progress, and prevention measures.
The exchange also said it is cooperating with regulatory authorities reviewing the case.
As part of its customer compensation plan, Bithumb will provide 20,000 won ($15) to users who were logged into its platform at the time of the incident.
Customers who sold Bitcoin at unusually low prices during the affected window on Feb. 6 will receive the full difference in value plus an additional 10%.
The company will also waive trading fees across all listed digital assets for seven days from Feb. 9 to Feb. 15.
Trading volume during the fee-free period will count toward membership tiers but will not be eligible for trading points or maker rewards.
Bithumb said it has activated a company-wide crisis management system led by senior executives and is conducting a comprehensive review of its internal control framework to prevent a recurrence.
The swift recovery and use of corporate reserves helped Bithumb contain potential confidence risks, but the incident underscores the operational and reputational challenges crypto exchanges face as trading volumes scale.
CEO-level apologies and fee waivers are standard damage-control measures, yet sustained user trust will depend on whether the exchange’s promised internal control upgrades translate into stronger safeguards in an increasingly regulated market.
