A bizarre glitch once flooded Bithumb accounts with a phantom 620000 BTC pile now flipped into sweet courtroom wins for the exchange 🖤
The Seoul Central District Court demanded one user repay roughly 140400 dollars or 194 million won after offloading that fake BTC haul. The ruling hit on Thursday declaring the cash pure unjust enrichment.
Specifically the ruling targets only the sold proceeds rather than any leftover Bitcoin the customer might still clutch. The exchange launched its chase back in March to snatch the funds tied to the February slip.
The Phantom Credit Unravels 🦇
This marks Bithumb’s second fresh victory in just two days as the identical court granted it another 3620 dollars or 5 million won on Wednesday. Two lingering claims still hover involving 10700 dollars or 14.8 million won plus 362000 dollars or 500 million won.
Altogether the quartet of claims stacks up near 517000 dollars or 714 million won with a handful delivered via public notice. Thursday’s decision settles merely one slice of the wider recovery sprint born from the February 6 misfire.
That slip erupted amid a random-box promo dangling tiny cash prizes. One staffer keyed in Bitcoin instead of Korean won which painted internal ledgers with roughly 620000 BTC spread over hundreds of accounts.
Notably the number dwarfed Bithumb’s real stash hovering around 40000 BTC. Trading chugged on for almost 40 minutes letting about 1788 BTC slip onto the order book before the exchange slammed the brakes.
Chasing Shadows and Fresh Rules 🌙
The miscredit tanked the BTC/KRW pair by nearly 17 percent. The exchange clawed back most bogus credits that same day and announced by March 10 it had reclaimed 99.7 percent of the involved Bitcoin. It later moved to freeze stray coins while some traders pocketed 110 percent compensation.
Regulators in South Korea zeroed in fast treating the mess as a control breakdown and kicking off an emergency probe the very next day. Financial watchdogs dissected the fallout while lawmakers launched a swift inquiry.
That scrutiny sparked bigger questions on how platforms juggle phantom balances. The Financial Supervisory Service deemed such credits potential unjust enrichment which bolstered Bithumb’s push. Authorities then mandated licensed venues reconcile customer ledgers against real holdings every five minutes while the Bank of Korea eyed market circuit breakers.
Just another echo from the void by iconofsin.eth 💖
