#South Korean Exchange Compensates for Network Failure Losses#
Hot Topic Overview
Overview
South Korea's two largest cryptocurrency exchanges, Upbit and Bithumb, will pay $2.4 million to users for losses incurred due to a network outage in December 2023, marking the largest payout in the history of South Korean cryptocurrency exchanges. The incident occurred on the same day South Korea declared martial law, leading to system failures at both exchanges, affecting numerous users. Upbit will compensate for 596 system failure incidents, while Bithumb will compensate for 124 incidents. This compensation event also reflects the importance that South Korean cryptocurrency exchanges place on user rights and network security.
Ace Hot Topic Analysis
Analysis
Upbit and Bithumb, two major cryptocurrency exchanges in South Korea, will pay a total of US$2.4 million in compensation to users for losses caused by a network outage on December 3, 2023. This is the largest-ever compensation payout in the history of Korean cryptocurrency exchanges. The incident occurred on the same day that South Korea declared martial law, leading to system failures at the two exchanges, affecting a large number of users. Upbit will pay US$2.2 million to compensate for 596 system failure incidents, while Bithumb will pay US$264,000 to compensate for 124 incidents. This event marks the largest number of affected users and the largest compensation payout in the history of system outages at Korean cryptocurrency exchanges, highlighting the importance of system stability and security for cryptocurrency exchanges.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
Two major South Korean exchanges, Upbit and Bithumb, will compensate users for losses incurred due to a network failure in December 2023, totaling $2.4 million.
This is the largest payout in the history of South Korean cryptocurrency exchanges.
This incident is the largest in terms of the number of users affected and the amount of compensation in the history of system failures at South Korean cryptocurrency exchanges.
Upbit and Bithumb's compensation will be used to compensate for 596 and 124 system failure incidents, respectively.