Bitcoin
Bithumb wins first-instance rulings in two user recovery lawsuits
South Korea's Bithumb has secured court victories in two of four lawsuits seeking to recover proceeds from users who sold Bitcoin mistakenly credited during a $40 billion error in February.
The Seoul Central District Court ruled in favour of Bithumb on Wednesday and Thursday in two separate cases, according to reporting by Chosun Biz. One ruling concerned a claim for 194 million won (approximately $140,000), while the other covered 5 million won ($3,600). Two additional lawsuits seeking around 14.8 million won and 500 million won remain pending.
The cases proceeded through service by public notice because the defendants could not be reached through standard delivery methods. Both rulings advance the exchange's efforts to recover funds from its February error, when an employee mistakenly selected Bitcoin instead of Korean won as the payment unit during a promotional event, crediting 620,000 BTC worth more than $40 billion at the time to 249 user accounts.
Bithumb subsequently recovered 618,212 BTC, or 99.7% of the mistakenly credited amount. However, some users had already sold 1,788 BTC of the credited balances before the exchange froze affected accounts. Bithumb filed four unjust enrichment lawsuits in March against users who sold the mistakenly credited Bitcoin and did not return the proceeds, seeking the cash from those sales rather than the Bitcoin itself.
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