What's concerning is that its all paper BTC as well. Bithumb only has about 46K BTC on their exchange.
1860 BTC didn't get recovered which is about 4% of their reserves

[ ZOOMER ]
BITHUMB RECOVERS 99.7% OF 620,000 BTC MISTAKENLY AIRDROPPED TO CUSTOMERS: BBG

zoomer

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Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another sharp drop, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Jeff Park, CIO of Bitwise, offers a new analytical framework from the perspective of options and hedging mechanisms. [...]

The Black Swan Event Was Actually This: The Real Reason for the Recent Bitcoin Crash

Author | Jeff Park (Chief Information Officer, Bitwise)
Compiled by Odaily Odaily(@OdailyChina)
Translator | Dingdang (@XiaMiPP)
Editor's Note: On February 5th, the cryptocurrency market experienced another crash, with over $2.6 billion liquidated in 24 hours. Bitcoin briefly plummeted to $60,000, but the market seems to lack a clear consensus on the causes of this decline. Bitwise CIO Jeff Park offers a new analytical framework from the perspective of options and hedging mechanisms.
...

Bitcoin has recovered from a low near $60,000 to now stand around $69,000, having effectively given back the gains it made after Donald Trump’s election in November 2024 this week.
The cryptocurrency’...