**[Bithumb's Market Share Drops to 24.8%, Gap with Upbit Widens After Zero-Fee Promotion Ends]** BlockBeats News, February 22: South Korean cryptocurrency exchange Bithumb has been under continuous market pressure following the "Bitcoin Misallocation Incident." Data shows that as of last Friday, Bithumb's market share among the five South Korean won-denominated trading platforms dropped to 24.8%, a significant decline from approximately 30% at the beginning of the year. Industry data indicates that Upbit remains firmly in the lead with a 58.4% market share, followed by Coinone at 13%, Korbit at 3.5%, and Gopax at 0.3%. On February 6, during a promotional event, Bithumb mistakenly distributed 2,000 Bitcoin to some users instead of the intended 2,000 Korean won (approximately $1.38) worth of Bitcoin. This resulted in a total erroneous distribution of approximately 620,000 BTC, far exceeding its previously disclosed holdings of 42,800 BTC. The incident raised concerns about its internal controls and financial management capabilities. The day after the incident, Bithumb's market share dropped from 31.5% on January 5 to just over 20%. To stabilize the situation, Bithumb launched a one-week zero-fee promotion for all trading pairs starting February 9, which temporarily drove trading activity back to the platform. On February 10, its market share briefly rebounded to 31.5%. However, after the promotion ended on February 16, its market share quickly declined again. Meanwhile, competitors have clearly benefited. Coinone's market share has doubled compared to a month ago, and Korbit's trading volume increased approximately 12.5 times from the previous month, driven by expectations surrounding Mirae Asset Financial Group's acquisition of a 92% stake in the company. Upbit is advancing a comprehensive stock swap plan with Naver Financial, while Gopax has already been acquired by Binance. The landscape of South Korea's cryptocurrency exchanges may be on the verge of significant reshaping.