The South Korean Supreme Court has made a decision in a long-running case involving a service outage at Bithumb, the country’s largest cryptocurrency exchange. The incident resulted in financial losses for a group of investors who had placed their trust in the platform.
The court ordered Bithumb to pay damages totaling 251.4 million won ($203,120) to the 132 investors who filed a lawsuit against the exchange operator following the service outage, marking the end of a legal battle for these investors seeking justice and compensation for their losses.
The incident occurred in 2017, causing the platform to be unavailable for an extended period, resulting in investors being unable to access their funds or make trades.
Many of these investors had invested substantial money in the platform and were understandably enraged by the outage. They felt that Bithumb had failed to provide the level of security and reliability they had expected and that the company should be held accountable for their losses.
As a result, a group of investors decided to take legal action against Bithumb and filed a lawsuit against the company. The case was heard by the South Korean Supreme Court, which ultimately ruled in favour of the investors, ordering Bithumb to pay damages to those affected by the outage.
This ruling serves as a reminder for all cryptocurrency exchanges to ensure the safety and security of their customers’ funds and maintain the integrity and reliability of their platforms.
Also, this ruling will likely have a significant impact on the cryptocurrency industry in South Korea, setting a precedent for similar cases in the future and prompting exchanges to be more transparent and accountable to their customers.
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