Bithumb's lawsuit to recover mistakenly distributed Bitcoin will reach its first verdict on August 27, Seoul Central District Court announced following a hearing on the 23rd. Judge Kim Yu-seong of the Civil Division 90 set the sentencing date for 2pm on August 27 during the first pleading session for one of four separate unjust enrichment return lawsuits filed by the exchange. The lawsuits target users who sold the mistakenly distributed Bitcoin and retained the proceeds in cash, stemming from a February incident where Bithumb mistakenly distributed 620,000 BTC as event rewards instead of Korean won points.
Seoul Central District Court Sets August 27 Verdict Date
Seoul Central District Court Civil Division 90 Judge Kim Yu-seong held the first pleading session on the 23rd for Bithumb's unjust enrichment return lawsuit and scheduled the verdict for August 27 at 2pm. This case represents one of four separate civil lawsuits Bithumb filed in March against users who converted the mistakenly distributed Bitcoin into cash.
The case scheduled for the August 27 verdict involves approximately 194 million won in unjust enrichment. This amount represents the second-largest among the four defendants, with the largest case involving approximately 500 million won and the remaining two defendants facing claims of 14.8 million won and 5 million won respectively.
Bithumb Filed Four Separate Lawsuits in March
Bithumb filed civil lawsuits against four users in March seeking the return of unjust enrichment. The lawsuits specifically target individuals who sold the mistakenly distributed Bitcoin and held the proceeds as cash rather than returning the cryptocurrency.
Of the four cases, two are scheduled for first pleading sessions between late August and early September. One case has not yet had a pleading date set. The August 27 verdict will mark the first judicial conclusion among all four lawsuits.
February Incident Involved 620,000 BTC Misdistribution
Bithumb mistakenly distributed 620,000 Bitcoin as event rewards in February instead of Korean won points. The incident triggered immediate investigation by financial authorities and resulted in new regulatory requirements for digital asset exchanges, including strengthened internal controls and mandatory regular ledger inspections.
The National Assembly held an emergency inquiry at the Political Affairs Committee to address the incident and subsequently proposed legislation aimed at preventing similar incidents. Bithumb initiated recovery procedures following the misdistribution.
Bithumb Reported 99% Recovery Rate as of March 10
Bithumb reported to the National Assembly that it had recovered 99% of the 1,788 unrecovered Bitcoin as of March 10. The exchange began recovery procedures immediately after the February misdistribution incident and provided this status update to lawmakers during legislative proceedings.
FAQ
When will the first verdict in Bithumb's Bitcoin recovery lawsuit be announced?
The first verdict will be announced on August 27 at 2pm by Seoul Central District Court Civil Division 90 Judge Kim Yu-seong.
How much Bitcoin did Bithumb mistakenly distribute in February?
Bithumb mistakenly distributed 620,000 Bitcoin as event rewards in February instead of Korean won points, and reported recovering 99% of 1,788 unrecovered Bitcoin as of March 10.
