No, 620,000 Bitcoins Were Not “Created”: Debunking a Fake News Story
📋 En bref (TL;DR)
- Misleading headline: Les Echos claims “620,000 bitcoins were created by mistake,” which is factually wrong and physically impossible
- What actually happened: A Bithumb employee (South Korean exchange) confused “KRW” (Korean won) with “BTC” when crediting 2,000 won to 695 customers
- No bitcoin was created: The 620,000 BTC never existed on the blockchain — they only appeared in Bithumb’s internal database
- A centralized problem: This was an accounting error on a centralized platform, not a flaw in the Bitcoin protocol
- Bitcoin remains incorruptible: The 21 million BTC cap is guaranteed by code, verified by thousands of nodes, and mathematically unbreakable
- The solution already exists: With a non-custodial wallet, your balances are stored directly on the blockchain and don’t depend on any centralized database
On March 17, 2026, Les Echos published an article with a sensational headline: “620,000 bitcoins created by mistake: we were told that money printing with bitcoin is impossible.” A headline suggesting that Bitcoin’s monetary policy had been broken, that bitcoins had been “printed” like fiat currency. Alexandre Stachtchenko, a leading figure in the French crypto ecosystem, quickly responded on X, calling the headline “fake news.”
And rightly so: no bitcoin was created. Not a single one. What happened was a data entry error in the internal database of a South Korean exchange. Confusing this incident with the creation of bitcoins is like confusing a typo in an Excel spreadsheet with a central bank printing banknotes. Let’s review the facts, without the sensationalism.
What actually happened at Bithumb
On February 6, 2026, an employee at Bithumb, one of the largest cryptocurrency exchanges in South Korea, was performing a routine operation: crediting 2,000 Korean won (roughly 1.15 euros) to the accounts of 695 users.
Except instead of selecting “KRW” (Korean won) as the currency, the employee selected “BTC.” The result: instead of receiving 2,000 won, each of these 695 accounts was credited with 2,000 bitcoins in Bithumb’s internal system. That’s a total of approximately 620,000 phantom BTC recorded in a database.
To put this in perspective: at the bitcoin price at that time, these 620,000 BTC were worth approximately 43 billion euros. Yet Bithumb’s cold storage held only about 43,000 real bitcoins. The platform’s books were showing 14 times more bitcoin than it actually possessed.
Quickly detected, but with local consequences
Bithumb detected the anomaly within 35 minutes and immediately froze the affected accounts. Nevertheless, in that short window, some users attempted to sell their “bitcoins” on the platform, triggering a localized flash crash of the BTC price to around $55,000 on Bithumb only. Other exchanges worldwide were unaffected, further demonstrating that the problem was strictly internal.
This was paper bitcoin in the most literal sense: numbers in a spreadsheet, with no reality whatsoever on the blockchain.
Why it is impossible to “create” bitcoins
To understand why the Les Echos headline is fundamentally misleading, we need to go back to the basics of how Bitcoin works.
The 21 million cap: hardcoded into the protocol
The Bitcoin protocol, created by Satoshi Nakamoto in 2009, contains an absolute rule: there will never be more than 21 million bitcoins. This is not a political promise or a good-faith intention. It is a mathematical constraint, written into the software’s source code, and continuously verified by thousands of independent nodes around the world.
New bitcoins can only be created in one way: through the mining process. Roughly every 10 minutes, a miner who solves a complex cryptographic puzzle earns the right to create a new block and claim a reward in newly minted bitcoins. This reward is halved every four years during the halving, ensuring a decreasing and predictable issuance schedule.
A decentralized verification network
Every Bitcoin transaction is verified by thousands of nodes (computers) distributed around the world. If anyone tried to modify the code to create additional bitcoins, their version would be immediately rejected by the entire network. This is precisely what makes Bitcoin different from traditional currency: no entity, no government, no company can unilaterally change the monetary rules.
What the Bithumb employee did was change a number in a private database. This has absolutely nothing to do with creating bitcoins on the network. It’s as if a bank employee added extra zeros to your account statement by mistake: your bank didn’t print new banknotes because of it.
The real problem: centralized platforms and “paper bitcoin”
While this incident in no way calls the Bitcoin protocol into question, it does highlight a very real problem: the risks associated with centralized platforms.
What is “paper bitcoin”?
When you deposit bitcoins on a centralized exchange like Bithumb, Binance, or Coinbase, your bitcoins are transferred to the platform’s wallet. In return, the platform displays a balance in your user account. But that balance is merely a line in an internal database. You don’t hold your bitcoins: you hold a claim against the platform.
This is exactly the same principle as depositing money at a bank. The bank doesn’t keep your bills in a vault with your name on it. It uses them, lends them out, and records in its ledgers that it owes you a certain amount. If the bank goes bankrupt, your euros are at risk (beyond deposit insurance).
The Bithumb incident perfectly illustrates this mechanism: the platform showed 620,000 BTC in its records while it only held 43,000. For 35 minutes, the accounts of 695 users claimed to hold bitcoins that simply did not exist.
A recurring problem, even in traditional finance
This type of error is not specific to cryptocurrencies. In 2024, Citigroup accidentally transferred $81 billion to a client due to a glitch in its payment processing system. Deutsche Bank also experienced a similar incident with an erroneous $6 billion transfer in 2015. These errors don’t mean that dollars were “created”: they reveal the inherent fragility of centralized systems.
Why the media got it wrong (and why it matters)
The Les Echos headline — “620,000 bitcoins created by mistake: we were told that money printing with bitcoin is impossible” — is a textbook case of misinformation through headlines. The article itself is more nuanced, but how many readers will read beyond the headline? On social media, it’s the headline that circulates, and the headline that shapes opinions.
Alexandre Stachtchenko’s reaction
Alexandre Stachtchenko, co-founder of Blockchain Partner (acquired by KPMG) and one of the most respected voices in the French crypto ecosystem, immediately responded on X. He called the headline “fake news” and reminded people that no bitcoin was created. His reaction was widely shared within the French-speaking crypto community, reflecting the growing exasperation with this kind of media shortcut.
The impact on public perception
This type of headline is particularly damaging for several reasons. First, it misleads beginners who might legitimately believe that Bitcoin has a fundamental flaw. Second, it fuels the arguments of those who reject cryptocurrencies without understanding them. Third, it erodes public trust in an asset that relies precisely on verifiable and transparent mathematical properties.
A leading outlet like Les Echos bears a particular responsibility. When a business newspaper of this stature publishes a headline that confuses an exchange’s database error with the creation of bitcoins, it contributes to blurring the line between the problems of centralized intermediaries and the properties of the Bitcoin protocol itself.
The solution: “Not your keys, not your coins”
This incident is a reminder of a fundamental principle in the crypto world, repeated like a mantra since Bitcoin’s early days: “Not your keys, not your coins.”
Non-custodial wallets: the real solution
A non-custodial wallet is a wallet where you hold your own private keys. Your balances are not stored in a company’s database: they are recorded directly on the blockchain, verifiable by anyone, at any time.
With a non-custodial wallet, the Bithumb incident is simply impossible. Nobody can “add” bitcoins to your balance through a data entry error, because your balance is the exact reflection of what is recorded on the blockchain. And on the blockchain, the rules are the same for everyone: a valid transaction, verified by the network, is required to change a balance.
Accessibility is improving
Historically, non-custodial wallets were reserved for advanced users capable of managing a 24-word recovery phrase and navigating technical interfaces. Today, new solutions are making self-custody accessible to everyone. Technologies like passkeys and sign-in via email or social accounts allow users to secure their private keys without having to memorize a seed phrase.
This is precisely the approach taken by wallets like Fibo, which combines the security of self-custody with the simplicity of a consumer-facing app. Your assets remain on the blockchain, safe from centralized database errors, while being accessible in just a few taps.
The Bithumb affair is not a failure of Bitcoin. It is a failure of centralized intermediaries. And the solution has existed since day one: take back control of your keys.
Glossary
- Bitcoin: The first decentralized cryptocurrency, created in 2009 by Satoshi Nakamoto. Its protocol limits the total supply to 21 million units, created solely through the mining process.
- Centralized platform (CEX): A cryptocurrency exchange operated by a company that holds custody of its users’ funds. Examples: Binance, Coinbase, Bithumb.
- Non-custodial wallet: A digital wallet where the user retains exclusive control of their private keys. No third party can access or modify the funds.
- Private key: A secret cryptographic code used to sign transactions and prove ownership of cryptocurrencies. Whoever holds the private key controls the associated funds.
- Paper bitcoin: A term describing bitcoins that exist only in the internal records of a platform, with no actual backing on the blockchain. The crypto equivalent of fractional reserves.
- Consensus: The mechanism by which nodes on a blockchain network agree on the state of the ledger. For Bitcoin, this is Proof-of-Work.
- Cold storage: A method of storing cryptocurrencies offline (disconnected from the internet), typically on a hardware device, for maximum security.
- Halving: A programmed event that halves Bitcoin’s mining reward every 210,000 blocks (approximately every 4 years). The most recent halving took place in April 2024.
Frequently Asked Questions
Were 620,000 bitcoins actually created?
No, not a single bitcoin was created. An employee at the Bithumb exchange made a data entry error in the platform’s internal database, crediting accounts in BTC instead of KRW (Korean won). These fictitious bitcoins never existed on the Bitcoin blockchain.
Can bitcoins be printed like traditional currency?
No, it is mathematically impossible. The Bitcoin protocol limits the total supply to 21 million units. New bitcoins can only be created through the mining process, and this creation is verified by thousands of independent nodes around the world. Nobody can change this rule unilaterally.
What is “paper bitcoin”?
Paper bitcoin refers to bitcoins that exist only in the internal records of a centralized platform, with no actual backing on the blockchain. It is the crypto equivalent of fractional reserve banking: the platform displays more bitcoin than it actually holds.
How can you protect yourself from this type of incident?
The best protection is to use a non-custodial wallet (where you hold your own private keys). Your balances are then recorded directly on the blockchain, not in a company’s database. No data entry error can alter your balance, because only a network-validated transaction can do so.
What is the difference between a centralized exchange and a non-custodial wallet?
On a centralized exchange, the platform holds your cryptocurrencies and you only have a claim (a number in their database). With a non-custodial wallet, you hold your private keys directly and your crypto is recorded on the blockchain. Only a non-custodial wallet gives you real control over your assets.
Was the Bitcoin protocol compromised by the Bithumb incident?
Absolutely not. The Bitcoin protocol was not affected in any way. The incident was strictly limited to Bithumb’s internal database. The Bitcoin blockchain continued to operate normally, with its rules unchanged since 2009.
Sources
This article is based on the following sources:
- Les Echos — “620,000 bitcoins created by mistake” — The original article with the misleading headline that sparked the controversy.
- Journal du Coin — “43 billion in paper bitcoin: 3 key points to understand the Bithumb scandal” — Detailed analysis of the incident and the concept of paper bitcoin.
- Juristique — “Bitcoins created by a Bithumb bug: misinformation” — Legal and factual breakdown of the incident.
- Alexandre Stachtchenko on X — Public reaction calling the Les Echos headline “fake news.”
How to cite this article: Fibo Crypto. (2026). No, 620,000 Bitcoins Were Not “Created”: Debunking a Fake News Story. Accessed March 18, 2026 on fibo-crypto.fr
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