Bithumb wins 2 suits over mistaken Bitcoin credits: Report

South Korean cryptocurrency speech Bithumb has reportedly won first-instance rulings successful 2 lawsuits against its users to retrieve proceeds from Bitcoin it mistakenly credited to their accounts.

The Seoul Central District Court ruled for Bithumb connected Wednesday and Thursday successful 2 of 4 lawsuits against users who sold Bitcoin mistakenly credited to their accounts, according to a Chosun Biz report.

Thursday’s ruling acrophobic a assertion for 194 cardinal won ($140,000), portion Wednesday’s covered a assertion for 5 cardinal won ($3,600). Two different lawsuits seeking astir 14.8 cardinal won ($10,700) and 500 cardinal won ($362,000) stay pending.

Both cases proceeded done work by nationalist announcement due to the fact that tribunal documents could not beryllium delivered to the defendants done mean methods, the study said.

The reported rulings beforehand Bithumb’s efforts to retrieve funds from its February error, erstwhile the speech mistakenly credited 620,000 BTC, worthy much than $40 cardinal astatine the time.

Bithumb goes aft Bitcoin merchantability proceeds

Bithumb said the mistake occurred during a promotional event connected Feb. 6, 2026, erstwhile it planned to administer 620,000 won, oregon astir $420 astatine the time, successful rewards to 249 users. An worker mistakenly selected Bitcoin alternatively of Korean won arsenic the outgo portion and credited lawsuit accounts with 620,000 BTC.

The speech subsequently said it recovered 618,212 BTC, oregon 99.7% of the mistakenly credited amount. However, immoderate users had already sold 1,788 BTC worthy of the credited balances earlier Bithumb froze the affected accounts.

Related: Bithumb sets 2028 IPO timetable arsenic it overhauls interior controls

Bithumb filed 4 unjust enrichment lawsuits successful March against users who sold the mistakenly credited Bitcoin and did not instrumentality the proceeds. The institution was reportedly seeking currency from those income alternatively than Bitcoin.

FSS begins sanctions process implicit Bithumb error

South Korea’s Financial Supervisory Service (FSS) investigated Bithumb implicit the Feb. 6 Bitcoin error, focusing connected however the speech could recognition customers with Bitcoin it did not hold. The regulator reportedly sent Bithumb an inspection sentiment successful aboriginal August, formally opening sanctions proceedings, but nary last punishment has been announced.

Cointelegraph approached South Korea’s Financial Services Commission (FSC), which oversees the FSS, for an update connected the probe and imaginable sanctions against Bithumb but did not person a effect by the clip of publication.

Bithumb has faced different ineligible scrutiny this year. South Korean constabulary raided its offices successful June arsenic portion of an unrelated probe into alleged hiring favoritism involving lawmaker Kim Byung-ki, portion the institution is challenging a abstracted six-month partial concern suspension implicit Anti-Money Laundering violations. A Seoul tribunal stayed the suspension successful April pending a ruling successful Bithumb’s challenge.

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