Bithumb Recovers Most Stolen BTC in Lawsuits

Bithumb, a South Korean cryptocurrency exchange, has won two lawsuits against customers who sold Bitcoin due to an internal crediting error in February.

The mistake occurred during a promotional campaign when Bithumb distributed rewards to hundreds of customers. Instead of crediting them with the intended 620,000 Korean won, the exchange mistakenly credited approximately 620,000 BTC across affected customer accounts.

The incident led to significant financial losses for Bithumb, with Bitcoin prices falling around 15% during the disruption. However, the exchange was able to recover 99.7% of the mistakenly credited amount, with only 1,788 BTC remaining unaccounted for.

The Seoul Central District Court ruled in Bithumb's favor in two separate unjust enrichment cases, allowing the exchange to pursue recovery from customers who retained proceeds from selling the incorrectly credited Bitcoin.