Share this article
South Korean Exchange Loses $5 Million in Accidental Bitcoin Airdrop
South Korean exchange Coinzest reportedly lost around $5 million when it airdropped bitcoin and other cryptocurrencies instead of WGT.
By Nikhilesh De
Updated Sep 13, 2021, 8:49 a.m. Published Jan 21, 2019, 7:40 p.m.
South Korean crypto exchange Coinzest is looking to take back cryptocurrencies accidentally sent to clients in an airdrop.
The exchange announced last week that some 6 billion Korean won (around $5.3 million) in bitcoin and other cryptocurrencies were sent to customers due to a computer error, according to CoinDesk Korea. The exchange was trying to airdrop We Game Tokens (WGT) when the incident occurred.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Further, due to the server issue, some customers also received Korean won from the exchange. The exchange has no plans to compensate users for any losses suffered through its server issues.
Coinzest's server issues were resolved by Jan. 19, and the company plans to roll back transactions to restore its assets. It has also asked customers to return funds they received by mistake.
As of Jan. 19, about half of the won was returned.
Some traders who received bitcoin instead of WGT reportedly sold their new holdings immediately, causing bitcoin's price to flash-crash to $50.
Correction: This article previously referred to the exchange as Coinnest. The exchange which airdropped bitcoin was Coinzest. CoinDesk regrets the error.
South Korean won image via Shutterstock
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
XRP struggles near $1.90 as mixed technical signals emerge
Price action remained contained within a relatively tight range, with total volatility of about 2.7%, reflecting indecision rather than capitulation.
What to know:
- XRP declined 0.9% over the past 24 hours, failing to break resistance near $1.95 and stabilizing around $1.90.
- Elevated trading volume indicated active selling pressure, with price briefly dipping below $1.90 before rebounding.
- Traders are monitoring key support at $1.89 and resistance near $1.95 for signs of trend direction.
Top Stories
