Bithumb failed to recover 700 million won worth of Bitcoin that were mistakenly distributed, and initiated seizure and preservation procedures.

CoinFeed reported on April 9th ​​that, according to Chosun Biz, South Korean cryptocurrency exchange Bithumb has initiated asset seizure proceedings after failing to recover a portion of the Bitcoin mistakenly distributed in February. During an event held on February 6th, Bithumb was supposed to distribute a total of 620,000 Korean won to 249 winners, but mistakenly entered "Bitcoin" instead of "Korean Won," resulting in the incorrect distribution of 620,000 Bitcoins. Although the exchange canceled the distribution within minutes, some users had already sold their Bitcoin for cash or purchased other crypto assets, resulting in approximately 12.3 billion Korean won worth of Bitcoin remaining unrecovered. Bithumb subsequently contacted customers individually, and most received refunds, but some customers refused to return their funds until the very end.