Bithumb has won the first trial in a recovery lawsuit tied to its mistaken Bitcoin distribution incident in South Korea, according to Digital Asset. The court ruled that a user holding proceeds from the sale of mistakenly distributed Bitcoin must return about 194 million won, or roughly $145,000.
The case stems from an error in February, when Bithumb mistakenly issued 620,000 Bitcoin as event rewards. At the time, the tokens were said to be worth about $5 billion, triggering a major controversy. Bithumb later launched a recovery process and reported in March that 99% of the mistakenly distributed Bitcoin had been recovered.
This ruling is the first among four lawsuits Bithumb filed against users who did not return the assets. Digital Asset said the exchange’s chances of winning the remaining three cases have risen after the first-instance victory. The court’s reasoning and whether the defendant will appeal have not been disclosed.
Bithumb has won the first trial in a recovery lawsuit tied to its mistaken Bitcoin distribution incident in South Korea, according to Digital Asset. The court ruled that a user holding proceeds from the sale of mistakenly distributed Bitcoin must return about 194 million won, or roughly $145,000.
The dispute goes back to February, when Bithumb mistakenly distributed 620,000 Bitcoin as event rewards. The assets were worth about $5 billion at the time, and the error triggered a major controversy. Bithumb later started a recovery process and said in March that 99% of the mistakenly distributed Bitcoin had been recovered.
The ruling is the first decision among four lawsuits the exchange filed against users who did not return the assets. Digital Asset said Bithumb’s odds of prevailing in the remaining three cases have increased after the first-instance win.
The basis for the court’s ruling has not been disclosed. It is also unclear whether the defendant will appeal.
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