Bithumb experienced a system error on February 6, 2026, during a random box reward event, where the unit was mistakenly entered as “BTC” instead of “KRW,” resulting in the creation of approximately KRW 60 trillion worth of “phantom Bitcoin” on its books. While most of the 620,000 BTC was promptly reversed, a portion had already been traded, impacting the market, and prompting immediate trading suspensions and subsequent recovery measures.
 
The primary legal issue concerns whether disposing of mistakenly credited virtual assets constitutes criminal liability. The Korean Supreme Court has previously held that Bitcoin is not “property” but rather a “property interest,” thereby precluding the application of embezzlement or breach of trust under current criminal law. This indicates a clear gap in the existing legal framework, although the absence of criminal liability does not eliminate all forms of legal responsibility.
 
From a civil law perspective, such gains qualify as unjust enrichment, and recipients are obligated to return the full amount. If the assets have already been sold, the obligation extends to the equivalent proceeds. Structurally, this incident resembles the 2018 Samsung Securities “phantom stock” case, where excessive assets were generated on the system, causing market disruption—highlighting systemic risks within the virtual asset market.
 
Choi Shin-young, Partner at Cha & Kwon Law Offices, commented that “this incident goes beyond a mere system error and exposes broader gaps in the legal characterization and regulatory framework of virtual assets,” adding that “regardless of criminal liability, civil obligations such as restitution and the operator’s duty of internal control remain clearly applicable, and this case is likely to accelerate regulatory refinement and the strengthening of accountability standards.”

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