South Korean crypto exchange Bithumb has escalated legal action over its February blunder that mistakenly distributed 620,000 bitcoin to users, now seeking a court-ordered seizure of assets to recover the final seven BTC still outstanding. The remaining coins are currently valued at around $472,500.
The $44 Billion Clerical Error
On Feb. 6, 2026, Bithumb intended to give 249 winners a total of 620 million won ($418,500) as part of a promotional campaign. But an employee entered the amount in bitcoin instead of Korean won, causing the exchange to release 620,000 BTC—worth roughly $44 billion at the time—to approximately 695 customers.
Bithumb canceled most transactions within minutes, but some users quickly sold or converted their coins, leaving an unrecovered balance of about $8.3 million (12.3 billion won). The last seven BTC, held by a handful of customers, remain the focus of the legal push.
Regulatory Fallout: FSS Scrutiny
South Korea's Financial Supervisory Service (FSS) launched an inspection of Bithumb's internal controls, citing potential breaches of virtual asset protection laws. Regulators signaled that findings from the probe could directly shape the country's second-stage virtual asset legislation, with tighter rules on ownership structures, governance, and shareholder oversight expected. "The results will inform future policy," said Lee Chan-jin, an FSS official and former lawyer.
Unjust Enrichment Defense Unlikely to Hold
Bithumb has applied for a provisional attachment order, which would freeze the debtors' assets before a formal lawsuit. Customers who refuse to return the funds argue that Bithumb's own mistake absolves them of liability. However, legal experts counter that South Korea's unjust enrichment principle strongly favors the exchange. Lee Chan-jin warned that those who already cashed out face "a disaster" as surging bitcoin prices dramatically increase their repayment obligation.
The court is expected to rule on the seizure request within weeks. Bithumb declined to comment further on the ongoing litigation.