Bithumb Fails to Recover Part of Incorrectly Transferred Bitcoin, Initiates Asset Preservation Procedure

BlockBeats News, April 9th. South Korean CEX Bithumb has initiated an asset freeze preservation procedure against related users due to its failure to recover a portion of mistakenly sent Bitcoin.

The incident occurred during a February rewards distribution event, where the original plan was to distribute a total of 620,000 Korean won in rewards to 249 users. However, an operational error resulted in the rewards being distributed in Bitcoin. Although the platform rolled back the transaction within minutes, some users had already completed trades or transferred the assets, leading to the inability to recover approximately 1.23 billion Korean won worth of assets. Subsequently, the platform contacted users one by one, and while the majority have returned the funds, some users have refused to do so.