South Korean cryptocurrency exchange Bithumb said technical flaws in its trading system caused an erroneous pricing display that showed some digital assets worth far more than their true market value, resulting in an estimated $40 billion pricing error on the platform. The exchange said the issue was not the result of a cyberattack and that it has taken steps to correct the problem and compensate affected users.
Bithumb said the pricing anomaly occurred when its internal systems miscalculated the value of certain tokens due to software errors in the order matching and pricing modules. The incorrect prices were visible to users for a brief period before the problem was identified and fixed. The exchange reported that no unauthorised access to systems was detected in connection with the incident.
Officials said that the faulty pricing affected several trading pairs, causing displayed values to diverge dramatically from real market prices on other exchanges. The total notional value of positions at inaccurate prices briefly reached $40 billion before Bithumb resolved the discrepancy. The exchange emphasised that the error was caused by internal system logic rather than manipulation or a security breach.
Bithumb said it immediately suspended trading on the affected markets upon discovering the issue and deployed engineers to resolve the underlying software inconsistency. The company also said it is reviewing its quality assurance processes to prevent similar events in the future. Users with open orders impacted by the mispricing were notified and offered corrective adjustments or compensation where appropriate.
Industry analysts noted that large exchanges rely on complex pricing engines and real-time feeds from multiple markets, and that even minor software faults can lead to large divergences if safeguards are not properly triggered. They said the episode highlights the importance of rigorous testing, monitoring, and risk controls in trading platforms that handle high volumes of digital asset transactions.
Bithumb operates one of the largest cryptocurrency marketplaces in South Korea, serving both domestic and international clients. Market participants closely watch the exchange’s infrastructure and risk management practices, given the scale of assets and trading activity it facilitates.
The incident did not cause a sustained disruption to the broader cryptocurrency markets, and prices on other major exchanges remained aligned with expected values throughout the episode. Regulators have not announced investigations into the matter but are expected to monitor developments as part of ongoing oversight of digital asset platforms.
Bithumb said it will continue to communicate with users about outcomes and any changes to its systems or procedures. The company reiterated its commitment to platform stability and risk mitigation as it works to strengthen internal controls following the pricing error.