Bithumb Wins Two Lawsuits Over Mistaken Bitcoin Credits

South Korean cryptocurrency exchange Bithumb has won two lawsuits against users who sold Bitcoin mistakenly credited to their accounts due to an error in February. The Seoul Central District Court ruled in favor of Bithumb on Wednesday and Thursday, with one case concerning a claim for 194 million won ($140,000) and the other covering a claim for 5 million won ($3,600). These rulings are part of Bithumb's efforts to recover funds from its February error, when the exchange mistakenly credited 620,000 BTC worth over $40 billion.

The mistake occurred during a promotional event on Feb. 6, when an employee selected Bitcoin instead of Korean won as the payment unit and credited customer accounts with 620,000 BTC. Bithumb recovered 618,212 BTC, or 99.7% of the mistakenly credited amount, but some users had already sold 1,788 BTC worth of the credited balances before Bithumb froze the affected accounts.

Bithumb filed four unjust enrichment lawsuits in March against users who sold the mistakenly credited Bitcoin and did not return the proceeds. Two other lawsuits seeking about 14.8 million won ($10,700) and 500 million won ($362,000) remain pending. The company is also facing sanctions proceedings from South Korea's Financial Supervisory Service (FSS) over the February error.