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Bithumb moves to seize assets over mistaken $8 million bitcoin dispute
On Feb. 6, staff mistakenly entered “BTC” instead of “KRW” in a promotion, crediting roughly 620,000 bitcoin worth over $40 billion.
Apr 9, 2026, 9:28 a.m.
What to know:
- Bithumb asked a court to freeze assets tied to seven bitcoin not returned after a February payout error, where users kept mistaken funds.
- On Feb. 6, staff mistakenly entered “BTC” instead of “KRW” in a promotion, crediting roughly 620,000 bitcoin worth over $40 billion. Users sold about 1,788 BTC before assets were frozen.
- Bithumb recovered most coins, but about 12.3 billion won ($8.3 million) remained outstanding, now down to seven bitcoin. Korean law requires returning assets under unjust enrichment rules.
It all began on Feb. 6, when the exchange ran a promotion intended to pay 620,000 won (~$460) to 249 winners. Staff mistakenly entered “BTC” instead of “KRW,” which led to the system crediting each winner with 620,000 bitcoin on Bithumb’s internal ledgers. This was human error that briefly made it look like the exchange had created over $40 billion worth of BTC.
Within minutes, some users sold roughly 1,788 BTC before Bithumb froze accounts, pushing its BTC/KRW price down to the low 80 million won ($54,000) range.
The exchange reversed most entries and recovered the bulk of sold coins, but about 12.3 billion won ($8.3 million) remained outstanding. That figure has since fallen to seven bitcoin after months of outreach.
