Bithumb’s $40B Bitcoin Blunder: A Farce of Phantom Fortunes
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According to the oracles at CryptoQuant, Bithumb, the second-largest purveyor of cryptographic curiosities in South Korea, boasted a modest hoard of 46,000 BTC prior to this fiscal fandango. Regulatory scrolls reveal that the bulk of these treasures belonged to the faithful depositors, while the exchange itself clutched a mere 200 BTC as of the third quarter of 2025. A pittance, one might say, compared to the Niagara of Bitcoin that cascaded forth in a single, ill-fated transaction.




![The study delineates the phase diagram of a rotating HBH parameterized by [latex]a/M[/latex] and [latex]\alpha_{0}/M^{2}[/latex], with the blue line specifically indicating the condition for an extremal black hole.](https://arxiv.org/html/2602.07436v1/x1.png)


