Bugmeat is the term for meat that has entered the game through an error, or 'bug', in the game code. Much of KOL's bugmeat appeared on Black Sunday (August 8th, 2004), the day that a major meat creation bug was found and widely exploited.
The bugmeat was created by using a meat vortex from one's inventory while having no meat. Instead of failing to work, it tried to set the player's meat count to a negative which, due to a minor bug in the game's database, caused it to give a huge amount of meat. The most bugmeat you could have is if the sum of the meat in your inventory and the meat lost from the meat vortex were -1, which equate to 18,446,744,073,709,551,615 bugmeat, the largest possible unsigned 64-bit integer (a larger negative number mean a smaller amount of bugmeat).
This has since been fixed. Most bugmeat has been removed from the economy through the use of meatsinks, most notably the Penguin Mafia storyline not long after Black Sunday.
Further bugmeat was released from a complicated new bug involving SQL injection on October 10th, 2007. These new exploiters were seen making large purchases of very rare items for exorbitant prices of up to 999,999,999. Roughly 20 to 30 billion bugmeat was spent in the mall over a period of a few days, a number derived from Coldfront's "total meat spent" daily tracker.
Jick was promptly informed of the exploits and the bug was patched before it could spread, with most remaining bugmeat being surgically removed from the exploiters' accounts.
During December the exploiters found their way around the patch and began producing further bugmeat. A player by the name of PrInCeSs1 was seen giving away billions of Meat she reportedly won from the MMG. An investigation by the administration revealed that her Meat was bugged and her account, among with other exploiters and their multis, were disabled in January.
A new raffle system was promptly implemented to address the outcry from the community over how many high-end rare items such as hand turkeys were lost on the disabled accounts. The raffle yielded several of each Item of the Month, beginning with December 2007's as the first prize, and included other non-IoTM rares, including ultra-rares, as second prizes.