Korean Court Orders Crypto Exchange to Pay Customers Suffering From Service Outage

South Korea’s ultimate tribunal has upheld the ruling for Bithumb, the country’s largest cryptocurrency exchange, to wage damages to much than a 100 customers who filed a suit claiming they suffered fiscal losses resulting from the exchange’s work outage.

Bithumb Ordered to Pay Customers Over Service Outage

The South Korean ultimate tribunal has issued a last ruling successful a lawsuit involving a work outage astatine Bithumb, the country’s largest cryptocurrency exchange, Yonhap reported.

The tribunal has ordered Bithumb to wage damages totaling 251.4 cardinal won ($203,120) to 132 investors who filed a suit against the crypto speech relation pursuing the work outage, officials said Friday.

The plaintiffs claimed that they suffered fiscal losses owed to steep terms drops successful a fig of cryptocurrencies, specified arsenic bitcoin currency (BCH) and ethereum classical (ETC), connected Nov. 12, 2017, erstwhile the work outage occurred. According to the lawsuit, during the work interruption, the mean fig of orders per hr doubled, causing transaction flows to importantly dilatory down.

BCH terms illustration showing a spike successful terms connected Nov. 12, 2017.

A territory tribunal initially ruled successful favour of Bithumb against the investors. However, the determination was subsequently overturned by an appellate court, which ordered Bithumb to wage damages ranging from 8,000 won to 8 cardinal won to each of the 132 investors. The ultimate tribunal upheld this ruling Thursday.

According to the appellate court:

The load oregon the outgo of technological failures should beryllium shouldered by the work operator, not work users who wage committee for the service.

Do you deliberation cryptocurrency exchanges should beryllium held accountable for work outages that origin monetary losses to investors? Let america cognize successful the comments conception below.

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