The South Korean Supreme Court says Bithumb owes damages to investors over a 2017 temporary service outage.
The ongoing saga of the South Korean cryptocurrency exchange Bithumb continues, this time with ruling from local courts.
On Jan. 13 the South Korean Supreme Court finalized its ruling that the exchange must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017. According to anews source, the damages are equivalent to $202, 400 - or 251.4 million in the regional currency won. Initially, a district ruled against the investors, though it was later overturned. The finalized ruling from the Supreme Court ordered damages to be paid ranging from as little as $6 to around $6,400 to the 132 investors involved."The burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service."
Bithumb is the country’s largest cryptocurrency exchange. The temporary outage came after the average amount of orders per hour suddenly doubled and bottled-necked transaction flows
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
South Korean president travels to UAE, seeks arms salesSouth Korean President Yoon Suk Yeol has received an honor guard welcome on a trip to the United Arab Emirates. The UAE is where Seoul hopes to expand its military sales while finishing its construction of the Arabian Peninsula’s first nuclear power plant.
Read more »
South Korean president travels to UAE, seeks arms salesSouth Korean President Yoon Suk Yeol has received an honor guard welcome on a trip to the United Arab Emirates.
Read more »
South Korean president travels to UAE, seeks arms salesSouth Korean President Yook Suk Yeol received an honor guard welcome at the United Arab Emirates as he seeks to conduct business deals and expand military sales.
Read more »
Korean Court Orders Crypto Exchange to Pay Customers Suffering From Service Outage – Regulation Bitcoin NewsSouth Korea's supreme court has upheld the ruling for crypto exchange Bithumb to pay customers who suffered from its service outage. cryptocurrency
Read more »
Bitcoin Study Claims Chinese Crypto Traders Are Price Gouging Korean Buyers, But They're Not (Opinion)Are Chinese crypto traders exploiting the Kimchi premium, or is it just free-market behavior?
Read more »