- Bithumb obtained its second victory in court while trying to get funds from the erroneous Bitcoin deposit in their February marketing event.
- Seoul Central District Court ruled that one of their users should repay around 194 million won for his mistake in selling Bitcoins.
Bithumb wins another case as it seeks payments from wrongly credited Bitcoin users. In an effort to collect money for wrongly credited Bitcoin from users in February 2018, the Seoul Central District Court ordered one of the defendants to pay back 194 million Korean won, roughly $140,513, according to Digital Asset. This is the second largest out of four civil suits Bithumb has filed after the February case.
The biggest one is worth 500 million won which is worth $362,229. Bithumb has won two out of four civil lawsuits against users in February. The whole issue arose when Bithumb mistakenly credited more than 620,000 BTC to hundreds of people during a promotion activity. It was because of the mistake by one of its employees who mistook BTC for Korean won.
The Mistake Was Also Affecting Bithumbs Market
This strange crediting mistake soon started to have an impact on Bithumbs overall market activity, as the BTC/KRW trading pair fell by 15% due to the incident. The fall did not concern only those users who were involved in the distribution mistake. In addition to this, Bithumb became the subject of an investigation by the South Korean regulators, who were checking the internal procedures that led to such a mistake and were discussing the measures taken to prevent this situation.
The latest victory in court for Bithumb does not end all the lawsuits related to this mistake. The decision is relevant to the defendant in this particular case, but it does not influence the decisions in other lawsuits. The exchange will continue to fight to obtain the rights through other legal processes.
Bithumb Strikes Balance between Legal Battle and IPO Plans
This ruling comes as Bithumb is gearing up for yet another important event in its corporate history. At the start of the month, the exchange announced plans for an IPO in 2028. The upcoming IPO represents another significant event for Bithumb as the exchange deals with the implications of its February Bitcoin mistake. In the meantime, the most recent ruling improves Bithumbs position in its legal battle.
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