South Korean cryptocurrency exchange Bithumb has won a first-instance lawsuit seeking the return of bitcoins mistakenly distributed to users in February. The Seoul Central District Court ruled in favor of the exchange on Aug. 27, supporting its claim of approximately 194 million won (about 23.28 million yen). The case is one of four lawsuits filed against users who sold the mistakenly received coins. On Feb. 6, a staff error sent 620,000 bitcoins to 695 accounts instead of a promotional reward; the exchange froze the transactions within 35 minutes, but some users had already sold. Bithumb sued four users in March. A separate case involving 5 million won had already been won, while two remain pending, including one seeking up to 500 million won. South Korean financial authorities have demanded the exchange strengthen internal controls.
South Korean cryptocurrency exchange Bithumb has prevailed in the first-instance trial of a lawsuit seeking the return of bitcoins mistakenly distributed to users, according to CoinPost.
The Seoul Central District Court ruled in the exchange's favor on Aug. 27, endorsing its claim of about 194 million won (approximately 23.28 million yen). The case is one of four suits filed against users who sold the coins they received in an erroneous transfer in February.
The incident dates to Feb. 6, when a staff error at Bithumb sent 620,000 bitcoins — instead of the intended promotional reward — to 695 accounts. The exchange detected and froze the transactions within 35 minutes, but some users had already sold the assets. In March, Bithumb filed suits against four users. One case involving 5 million won has already been won by the exchange; two additional cases, including one seeking up to 500 million won, remain under review.
South Korean financial authorities have ordered the exchange to tighten its internal controls.
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