SEOUL: A South Korean cryptocurrency exchange apologized on Saturday after mistakenly transferring more than $40 billion in&nbsp;<a href="https://www.pakistantv.com/article/bitcoin-under-70000-for-first-time-since-trumps-election" target="_blank" style="color: rgb(0, 0, 0);">bitcoin</a>&nbsp;to users, prompting a brief&nbsp;selloff on the platform.&nbsp;Bithumb said it accidentally sent 620,000 bitcoins, currently worth more than $40 billion, and blocked trading and withdrawals for the 695 affected users within 35 minutes after the error occurred on Friday.&nbsp;According to local reports, Bithumb was meant to send about 2,000 won ($1.37) to each customer as part of a promotion, but mistakenly transferred roughly 2,000 bitcoins per user.&nbsp;&quot;We sincerely apologize for the inconvenience caused to our customers due to the confusion that occurred during the distribution process of this (promotional) event,&quot; Bithumb said in a statement.&nbsp;The platform said it had recovered 99.7% of the bitcoins mistakenly sent and would use its own assets to fully cover the amount lost in the incident.&nbsp;It admitted the error briefly caused &quot;sharp volatility&quot; in bitcoin prices on the platform as some recipients sold the tokens, adding that it brought the situation under control within five minutes.&nbsp;Its charts showed the token&#39;s price briefly fell 17% to 81.1 million won on the platform late Friday.&nbsp;Compensation promisedIn a separate statement released later on Saturday, Bithumb said some trades were executed at unfavourable prices for users due to a price drop on Friday, including &quot;panic selling&quot;.&nbsp;The platform said it would compensate affected customers by covering the full price difference and a 10% bonus.&nbsp;It estimated losses at about 1 billion won.&nbsp;The platform earlier stressed that the incident was &quot;unrelated to external hacking or security breaches&quot;.&nbsp;Bitcoin, the world&#39;s largest cryptocurrency, sank this week, wiping out gains sparked by US President Donald Trump&#39;s victory in the 2024 presidential election.

Crypto

Business

South Korea’s Bithumb apologized after accidentally transferring $40 billion in bitcoin to users during a promotion, triggering brief panic selling and price volatility before trading was halted.

Crypto firm accidentally sends $40B in bitcoin to users

Web Desk

ISLAMABAD: Pakistan&#39;s Ministry of Finance announced plans on Sunday to tokenize up to $2 billion of domestic government debt in an initial phase, aimed at broadening the investor base by tapping into the country&#39;s retail segment, Associated Press of Pakistan (APP) reported. Khurram Schehzad, Adviser to the Federal Finance Minister, outlined the initiative during a fireside chat titled &quot;Tokenizing the Sovereign Assets-Liquidity Ready&quot; at the 27th ITCN Asia exhibition held at Expo Center in Lahore. <div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-1" scrolling="no" frameborder="0" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2012908227424587823&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=54d129e20c662ab2ce0eefd37f78a2d55ebf0ccb&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" style="position: static; visibility: visible; width: 550px; height: 717px; display: block; flex-grow: 1;">&nbsp;</iframe></div></div> The tokenization of government debt involves converting traditional bonds into digital tokens recorded on a blockchain, enabling electronic trading, improved transparency, and reduced transaction costs.&nbsp; The adviser emphasized that the government&#39;s evolving role in the <a href="https://www.pakistantv.com/article/pakistan-sees-digital-leap-with-96-mobile-access-70-internet-use" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">digital</a> economy centers on facilitating innovation and creating an enabling environment for emerging technologies.&nbsp; &quot;The primary responsibility of the government is to facilitate innovation,&quot; he stated, highlighting policies designed to empower youth through opportunities in modern financial and digital sectors. The move follows a landmark <a href="https://www.pakistantv.com/article/pakistan-signs-2-billion-blockchain-deal-with-binance-for-government-assets" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">Memorandum of Understanding (MoU)</a> signed on Dec. 12, 2025, between Finance Minister Muhammad Aurangzeb and global crypto exchange Binance to explore the technical framework for tokenizing up to $2 billion in sovereign bonds and commodity reserves.<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=1999472543586222562&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=54d129e20c662ab2ce0eefd37f78a2d55ebf0ccb&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" style="position: static; visibility: visible; width: 550px; height: 648px; display: block; flex-grow: 1;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</iframe></div></div>Schehzad provided context on the global digital asset landscape, noting that <a href="https://www.pakistantv.com/article/bitcoin-hits-alltime-high-above-125000" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">Bitcoin</a> maintains a capped supply of approximately 21 million units, making digital currencies a significant topic in contemporary financial discussions.&nbsp; On regulatory development, Schehzad said proposals for a dedicated framework or regulatory authority are aimed at improving oversight and understanding of <a href="https://www.pakistantv.com/article/300b-revolution-crypto-goes-legit-in-pakistan-government-rolls-out-licences" target="_blank" style="color:#0073e6;" rel="noopener noreferrer">crypto</a> assets.&nbsp; He acknowledged that Pakistan remains at a nascent stage in this field but said the government is actively studying international models, citing the United Arab Emirates (UAE) as a leading example of structured virtual asset regulation. The session concluded with discussions on the importance of balanced policymaking, innovation-friendly regulations, and adherence to global best practices to ensure responsible exploration of opportunities in digital finance and sovereign asset tokenization.&nbsp;

Khurram Schehzad speaking at the 27th ITCN Asia exhibition (Photo by urdu.radio.gov.pk)

Economy

Speaking at ITCN Asia, Khurram Schehzad highlighted government efforts to support digital and financial sector innovation, outlining government plans to foster digital finance, support youth engagement, and monitor domestic crypto activity.

Pakistan to tokenize $2 billion in domestic debt: Finance Adviser

Reuters

Bitcoin, the world&#39;s largest cryptocurrency by market value, hit a record high on Sunday (October 5) and was up nearly 2.7% at $125,245.57 at 0512 GMT.&nbsp;Bitcoin&#39;s previous record was $124,480 in mid-August, buoyed by friendlier regulations from US President Donald Trump&#39;s administration and strong demand from institutional investors.&nbsp;The cryptocurrency had risen on Friday (October 3) for an eighth straight session, bolstered by recent gains in US equities and inflows into&nbsp;bitcoin&nbsp;exchange-traded funds.&nbsp;In contrast, the US dollar retreated on Friday, posting multi-week losses against major currencies, as uncertainty surrounding a US government shutdown clouded the outlook and delayed key data releases, such as payrolls, critical for gauging the economy&#39;s direction.

The rally extends an eight-day winning streak, while the US dollar weakens amid government shutdown concerns and delayed economic data.

Bitcoin hits all-time high above $125,000

LONDON: A 47-year-old Chinese woman on Monday told a UK court that she played a leading role in a multibillion pound fraudulent Bitcoin scheme. Chinese businesswoman Zhimin Qian, alias Yadi Zhang, pleaded guilty at London&#39;s Southwark Crown Court following what is believed to be the single largest cryptocurrency seizure in the world, now worth about &pound;5.5 billion. She admitted acquiring and possessing criminal property, namely cryptocurrency. &quot;Between 2014&ndash;2017, Zhang orchestrated a large-scale fraud in China through defrauding over 128,000 victims and went on to store the illegally obtained funds in Bitcoin assets,&quot; London&#39;s Met Police said in a statement. &quot;She then fled China using false documents and entered the UK, where in September 2018 she attempted to launder the proceeds via purchasing property,&quot; it added. Will Lyne, the Met&#39;s Head of Economic and Cybercrime Command, said the case was &quot;one of the largest... in UK history and among the highest-value cryptocurrency cases globally&quot;. Last year, as part of the same seven-year investigation an accomplice, Jian Wen, was also jailed for six years and eight months for her role in the criminal operation. Met investigators proved Jian had been involved in facilitating the movement of a cryptocurrency wallet, which contained 150 Bitcoin. At the relevant time this was valued at &pound;1.7 million. Zhimin Qian&#39;s case was adjourned until Tuesday after her guilty plea on what would have been the first day of her trial.

Articles tagged with "Bitcoin"

Crypto firm accidentally sends $40B in bitcoin to users

Pakistan to tokenize $2 billion in domestic debt: Finance Adviser

Bitcoin hits all-time high above $125,000

Chinese woman admits huge Bitcoin fraud at UK court