#South Korean Exchange Compensates $2.4 Million#
Hot Topic Overview
Overview
South Korea's two largest cryptocurrency exchanges, Upbit and Bithumb, will pay a total of $2.4 million to users affected by a network outage on December 3, 2023. This is the largest compensation ever paid by a South Korean cryptocurrency exchange. The incident, which occurred on the same day South Korea declared martial law, resulted in 596 system failures at Upbit and 124 at Bithumb, affecting numerous users. Upbit will pay $2.2 million, while Bithumb will pay $264,000 to compensate for user losses.
Ace Hot Topic Analysis
Analysis
Upbit and Bithumb, South Korea's two largest cryptocurrency exchanges, will pay $2.4 million to users for losses caused by a network outage in December 2023, marking the largest payout in the country's cryptocurrency exchange history. The incident occurred on the same day South Korea declared martial law, causing system failures at both exchanges and affecting a large number of users. Upbit will pay 3.1 billion won (approximately $2.2 million) to compensate for 596 system failures, while Bithumb will pay 377.5 million won (approximately $264,000) to compensate for 124 incidents. This incident is the largest in terms of the number of affected users and the amount of compensation in the history of system failures at South Korean cryptocurrency exchanges. It also reflects the security issues and inadequate user protection of South Korean cryptocurrency exchanges.
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Public Sentiment
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Classic Views
Two major South Korean exchanges, Upbit and Bithumb, paid $2.4 million to users due to network outages in December 2023, the largest payout in the history of South Korean cryptocurrency exchanges.
The payout was due to losses caused by network outages during the declaration of martial law in South Korea on December 3, 2023, affecting the most users and resulting in the largest compensation amount.
Upbit will pay $2.2 million, while Bithumb will pay $264,000 to compensate for the system failure event.
Other exchanges have not had similar cases.