Bithumb wins 2 suits over mistaken Bitcoin credits: Report
Reported by Cointelegraph · AI-assisted summary by ChikoCorp AI News Desk
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Summary
South Korean cryptocurrency exchange Bithumb won first-instance rulings in two lawsuits to recover proceeds from Bitcoin it mistakenly credited to user accounts during a promotional event. The Seoul Central District Court ruled in favor of Bithumb in claims involving 194 million won ($140,000) and 5 million won ($3,600), while two other lawsuits remain pending. This arose after Bithumb accidentally credited 620,000 BTC instead of Korean won to 249 users on February 6, 2026.
Why it matters
The rulings advance Bithumb’s legal efforts to reclaim funds sold off by users from the mistakenly credited Bitcoin, highlighting the challenges and liabilities exchanges face in handling errors involving customer balances. The source does not explicitly discuss broader market or regulatory impacts.
Key context
The error happened during a promotional reward distribution, when an employee erroneously credited customer accounts with Bitcoin rather than Korean won. Bithumb recovered 99.7% of the mistakenly credited 620,000 BTC but some users sold 1,788 BTC before accounts were frozen. The Financial Supervisory Service (FSS) is investigating Bithumb and has begun sanctions proceedings over internal control failures related to the incident.
Key numbers and entities
Key figures include 620,000 BTC mistakenly credited (worth more than $40 billion at the time), 1,788 BTC sold by users, and lawsuit claims of 194 million won ($140,000) and 5 million won ($3,600) won by Bithumb so far. Entities involved are Bithumb, Seoul Central District Court, South Korea’s Financial Supervisory Service (FSS), and the Financial Services Commission (FSC).
What remains unclear
Details on the outcomes of the two other pending lawsuits, the final results of the FSS investigation and potential sanctions, and any user responses or appeals are not provided. The source does not specify how the recovered funds will affect Bithumb’s operations or customers long-term.