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
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