South Korean crypto trading platform Bithumb has been under continuous pressure on its market share following the "Bitcoin misissuance incident." Data shows that as of last Friday, Bithumb's trading share among the five KRW-denominated trading platforms in South Korea dropped to 24.8%, a significant decline from about 30% at the beginning of the year.

Industry data indicates that Upbit holds the top position with a 58.4% share, Coinone accounts for 13%, Korbit 3.5%, and Gopax 0.3%.

On February 6, during a promotional event, Bithumb was supposed to distribute Bitcoin worth 2,000 KRW (approximately 1.38 USD) but mistakenly issued 2,000 Bitcoins each to some users, totaling an erroneous issuance of about 620,000 BTC, far exceeding its previously disclosed holding scale of 42,800 BTC, triggering market doubts about its internal control and accounting management capabilities.

The day after the incident, its market share dropped from 31.5% on January 5 to just over 20%. To stabilize the situation, Bithumb implemented a one-week zero-fee trading event for all currencies starting February 9, which temporarily drove trading back, with the market share rising to 31.5% on February 10. However, the share quickly declined after the event ended on February 16.

Meanwhile, competitors have clearly benefited. Coinone's share doubled compared to a month ago, Korbit's trading volume increased about 12.5 times compared to last month, driven by expectations of Mirae Asset Financial Group acquiring 92% of its shares. Upbit is advancing a comprehensive share swap plan with Naver Financial, while Gopax has been acquired by Binance, potentially reshaping the South Korean exchange landscape.