Bithumb Seeks Recovery of $8 Million in Mistaken Bitcoin Distribution

South Korean cryptocurrency exchange Bithumb has taken steps to recover seven bitcoin worth around $8 million that were mistakenly distributed to users in February. The exchange, which is the second-largest in South Korea by trading volume, initiated a provisional seizure process to freeze the assets and prevent further movement.

The incident occurred on February 6 when Bithumb ran a promotion intended to distribute approximately 460 dollars to each of 249 winners. However, due to human error, the system credited each winner with 620,000 bitcoin instead of the intended Korean won amount. This mistake was quickly corrected, and most of the sold coins were recovered.

Despite months of outreach efforts by Bithumb, approximately $8 million worth of bitcoin remained outstanding. In response, the exchange has taken legal action to recover the assets, initiating a provisional seizure process that will block the debtor from moving the funds until a civil lawsuit is resolved.