Bithumb moves to seize assets over mistaken $8 million bitcoin dispute

South Korean cryptocurrency exchange Bithumb has initiated legal action to freeze approximately $8 million worth of bitcoin that remains unreturned following a significant payout error in February. During a promotion, exchange staff mistakenly credited users with 620,000 bitcoin instead of 620,000 won, an error that initially appeared to create over $40 billion in digital currency. While Bithumb managed to recover most of the funds and reversed most transactions, a portion of the mistaken credits, valued at around $8.3 million at the time, was not returned. This amount has since decreased to seven bitcoin. The exchange has now requested a local court to freeze these remaining assets, marking a pre-lawsuit step to prevent debtors from moving them, with a civil case anticipated to follow. Legal experts suggest that recipients are obligated to return unjustly enriched assets, potentially requiring them to repurchase coins if they were sold at a loss. This incident underscores the risks associated with human error in cryptocurrency transactions, where even minor mistakes can escalate into substantial financial disputes.

(Source：CoinDesk)