{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"Web3 Tech Brief By HackerNoon","title":"Bithumb’s $44B Bitcoin Error Highlights Structural Failures in Centralized Exchange Design","html":"<iframe width=\"100%\" height=\"180\" frameborder=\"no\" scrolling=\"no\" seamless src=\"https://share.transistor.fm/e/a882e110\"></iframe>","width":"100%","height":180,"duration":1143,"description":"\n        This story was originally published on HackerNoon at: https://hackernoon.com/bithumbs-$44b-bitcoin-error-highlights-structural-failures-in-centralized-exchange-design.\n             Bithumb accidentally created $44B in Bitcoin that didn't exist. Users traded it for 20 minutes. Here's what that reveals about every crypto exchange. \n            Check more stories related to web3 at: https://hackernoon.com/c/web3.\n            You can also check exclusive content about #bitcoin, #bithumb-bitcoin-glitch, #crypto-exchanges, #bithumb-phantom-bitcoin, #proof-of-reserves, #internal-ledger-risk, #cex-structural-issues, #hackernoon-top-story,  and more.\n            \n            \n            This story was written by: @niteshpadghan. Learn more about this writer by checking @niteshpadghan's about page,\n            and for more stories, please visit hackernoon.com.\n            \n                \n                \n                Bithumb accidentally credited 620,000 Bitcoin ($44B) to 695 users during a promotional campaign meant to distribute $1.37 each. For 20 minutes, users traded phantom Bitcoin that only existed in Bithumb's internal ledger, not on the blockchain. The incident exposed a structural flaw: centralized exchanges can create balances without on-chain backing, and Proof of Reserves can't stop it.\n        \n        ","thumbnail_url":"https://img.transistorcdn.com/eO2Jn0gxT_H9qDuuD0uleszE2n40sbZ-1T2r0zOcj9c/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS9zaG93/LzQxMTY4LzE2ODMz/MTU4ODQtYXJ0d29y/ay5qcGc.webp","thumbnail_width":300,"thumbnail_height":300}