Bithumb Tangled in Bitcoin Snafu Amidst Calls for Regulatory Reform

Bithumb, a prominent cryptocurrency exchange in South Korea, has been entangled in a series of legal battles over a clerical error that resulted in some users receiving an unexpectedly large amount of Bitcoin.

The incident occurred on February 6, 2026, when Bithumb launched a promotional campaign to reward loyal users with a modest cash incentive. However, the reward was mistakenly coded as 620,000 Bitcoin instead of the intended 620,000 Korean won, showering select users with unexpected riches.

Bithumb has since sought to reclaim the lost assets through legal proceedings, with recent court judgments favoring the exchange in two separate claims. The cases have highlighted the issue of unjust enrichment under South Korean law, where those who profit from an unintentional windfall may be held legally accountable for their gains.

The Financial Supervisory Service (FSS) has also launched an investigation into Bithumb's operations to determine whether the exchange has exercised appropriate caution in managing user funds and adhered to essential financial regulations. The probe underscores the need for transparent financial practices in the rapidly evolving cryptocurrency landscape.