😱 Cryptocurrency exchange Bithumb🇰🇷 seeks through the courts to recover bitcoins mistakenly credited to users in February

😱 Cryptocurrency exchange Bithumb🇰🇷 seeks through the courts to recover bitcoins mistakenly credited to users in February

The incident, which occurred in February, amounted to USD 43 billion, and the exchange has already filed a lawsuit seeking to freeze assets held by users who refused to return the funds.

⚫️ Background: on February 6, as part of a promotional campaign, the exchange mistakenly distributed 620,000 BTCacross 249 accounts. According to the official explanation, an employee confused the payment unit and entered BTCinstead of KRW (South Korean won) when processing reward payouts.

⚫️ Current situation: most recipients voluntarily returned the bitcoins. However, some users continue to refuse, arguing that liability lies with the exchange. The accounts that Bithumb is seeking to freeze through legal action currently hold a total of 7 BTC (approximately USD 497,000 at current market rates).

⚫️ Further developments: the case has drawn the attention of South Korea’s Financial Supervisory Authority, which has launched an investigation into the exchange. Authorities are examining how the platform was able to distribute bitcoins with a value far exceeding its actual reserves. In response, the regulator indicated that the crypto sector as a whole requires stricter oversight, proposing to cap investor ownership stakes at 15–20%.

⚫️ As a result, Bithumb has been forced to indefinitely postpone its planned IPO, originally scheduled for 2027. The final outcome of the case involving the mistakenly credited BTC remains unresolved.

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