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South Korean Court Orders Users to Return Profits from Bithumb Bitcoin Misissue

On August 27, the Seoul Central District Court issued its first-instance ruling regarding the Bitcoin misissue incident at Bithumb, South Korea's second-largest cryptocurrency exchange. The court ordered the relevant users to return approximately 194 million Korean won in proceeds from the sale of Bitcoin. Bithumb had previously made an operational error during a promotional event, mistakenly inputting rewards that were supposed to be in Korean won as BTC, resulting in the misissue of about 620,000 BTC. In March, the exchange filed unjust enrichment lawsuits against four users who sold the misissued BTC and did not return the proceeds. Other cases involved amounts of approximately 500 million, 14.8 million, and 5 million Korean won. The South Korean Financial Services Commission previously stated that the incident involved Bitcoin with a book value of approximately 61 trillion Korean won.

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