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Key takeaways
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A simple data-entry error allowed 620,000 nonexistent BTC to appear in user accounts for 20 minutes because trades update a private database first, with onchain settlement happening later.
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Around 1,788 BTC worth of trades were executed before the exchange locked everything down. What could have been dismissed as a harmless error turned into a serious operational and regulatory event.
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Regulatory filings showed Bithumb held only 175 BTC of its own in Q3 2025, while it held custody of over…
