Bithumb Bitcoin Misissuance Incident Follow-up: 7 Bitcoins Not Recovered; Asset Preservation Procedures Initiated

According to the <i>Chosun Ilbo</i>, South Korea’s cryptocurrency exchange Bithumb mistakenly distributed a reward of 620,000 Korean won as 620,000 bitcoins during an event on February 6. Bithumb swiftly canceled the distribution afterward; however, some users had already sold or converted the bitcoins into other assets, resulting in 12.3 billion Korean won worth of bitcoins failing to be recovered in time. Subsequently, through official negotiations, most of the funds have been recovered, but seven bitcoins (approximately USD 490,000) remain unrecovered. Bithumb has now officially initiated asset preservation proceedings and is preparing to file civil lawsuits against users who have not returned the funds.