2 years ago
A cryptocurrency capitalist has reportedly sued South Korean crypto speech Upbit aft the trading level delayed processing his luna coin transportation anterior to its crash. The Korean crypto speech is investigating the details of the lawsuit.
Upbit Sued by Crypto Investor
Dunamu Inc., the institution that operates the South Korean cryptocurrency speech Upbit, has been sued by a crypto investor, a antheral successful his 50s, Korea Joongang Daily reported Monday.
The capitalist alleged that Upbit delayed processing his coin transportation disconnected the speech anterior to the coin crashing, resulting successful a monetary nonaccomplishment of 156 cardinal won ($112,477). Upbit is 1 of the largest crypto exchanges successful South Korea.
The suit filed with the Seoul Central District Court past week explains that the capitalist attempted to transportation 1,310 luna coins (LUNA) connected March 24 from his Upbit crypto wallet to a wallet helium owns astatine Binance successful bid to speech the coins for Vietnamese dong. On that date, the terms of LUNA, present called luna classical (LUNC), was astir $92.79 per coin. It crashed to adjacent zero successful aboriginal May.
Binance notified the capitalist the pursuing time that his coins had been returned owed to a occupation with the transportation process. However, the coins were not showing up successful his Upbit wallet either. After enquiring, Upbit told him that his coins had been accidentally deposited successful Upbit’s ain crypto wallet and that their instrumentality was held up by relationship verification procedures arsenic mandated by law.
In South Korea, the Act connected Reporting and Use of Certain Financial Transaction Information was amended to bespeak the Financial Action Task Force (FATF)’s Travel Rule. The amendment went into effect connected March 25, requiring virtual plus work providers (VASPs) successful South Korea to verify sender and recipient accusation of crypto transactions.
The investor’s lawyer explained that his lawsuit asked Upbit 27 times erstwhile his luna coins would beryllium returned to his wallet. Each time, the speech told him that the coins’ instrumentality was being processed.
Dunamu told the work that the institution is looking into the details of the lawsuit. However, Upbit’s presumption of work authorities that the institution is not liable for immoderate losses incurred by investors arsenic a effect of the speech adhering to regulations.
Do you deliberation the Korean crypto speech should beryllium liable for the nonaccomplishment incurred by the capitalist successful this case? Let america cognize successful the comments conception below.
English (US) 