JAKARTA South Korean investors and traders, especially Bithumb users, can breathe a sigh of relief. This is because South Korea's Supreme Court ordered the crypto exchange to pay the compensation suffered due to the blackout of the Bithumb crypto buying and selling platform service.
Based on local media reports, Yonhap News, South Korea's Supreme Court has issued a final ruling in a case involving outages on South Korea's largest crypto exchange, Bithumb.
The court has ordered Bithumb to pay compensation of 251.4 million won (203,120 US dollars) to 132 investors who filed a lawsuit against crypto exchange operators after the outage of service, officials said Friday, January 13, 2023.
In 2017, Bithumb users suffered financial losses due to the blackout of the Bithumb crypto trading service. At that time, the prices of Bitcoin Cash (BCH) and Ethereum Classic (ETC) fell sharply on November 12, 2017.
Then, investors and traders on the platform filed a lawsuit in court due to Bithumb's actions. According to the lawsuit, during service disruptions, the average number of orders per hour doubled, causing transaction flows to slow down significantly.
Launching Bitcoin.com News, at first the district court decided to support Bithumb to fight investors. However, the decision was later overturned by an appeals court, ordering Bithumb to pay compensation ranging from 8,000 won to 8 million won for each of the 132 investors. The Supreme Court upheld this ruling on Thursday.
The burden or cost of technological failure must be borne by a service operator, not a service user who pays the commission for the service, according to a South Korean court ruling.
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