Bithumb Secures Second Court Win in Ongoing Bitcoin Transfer Error Case

Bithumb, one of South Korea's largest cryptocurrency exchanges, has won another court ruling in its ongoing battle to recover funds mistakenly paid out in February. The Seoul Central District Court's Civil Division 90 has ordered a customer identified as A to return the disputed sum of 194 million,443 won.

This is Bithumb's second win in recent days, after the same court ruled in favor of the exchange on August 26 in another case worth 4.99 million won. The company still faces two other related suits with outstanding claims of 500 million and 14.8 million won.

The mistake occurred when a Bithumb employee processed a customer event reward, crediting users with 620,000 units of BTC instead of the intended Korean Won. The error resulted in 1,786 BTC being sold, but Bithumb was able to recover 99% of the remaining funds by March 10.

The incident led to the Financial Services Commission proposing new regulations for exchanges, including always-on reconciliation systems and automated verification steps. Meanwhile, smaller competitors like Coinone and Korbit have been offering lower trading fees, with Coinone scrapping its fees across all listed cryptocurrencies and Digital X waiving fees in its won market.