#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 in compensation to users for losses incurred due to a network outage on December 3, 2023. This is the largest compensation ever paid by a South Korean cryptocurrency exchange. The incident is the largest in terms of affected users and compensation amount in the history of system failures in South Korean cryptocurrency exchanges. Upbit will pay $2.2 million to compensate for 596 system failure events, while Bithumb will pay $264,000 for 124 events.
Ace Hot Topic Analysis
Analysis
Upbit and Bithumb, two major cryptocurrency exchanges in South Korea, will compensate users $2.4 million for losses incurred due to a network outage on December 3, 2023. This marks the largest payout in the history of South Korean cryptocurrency exchanges. The incident occurred on the same day that South Korea announced martial law, causing system failures at both exchanges and impacting numerous users. Upbit will pay 3.1 billion won (approximately $2.2 million) to compensate for 596 system outage incidents, while Bithumb will pay 377.5 million won (approximately $264,000) to compensate for 124 incidents. This event represents the largest number of affected users and the highest compensation amount in the history of system failures at South Korean cryptocurrency exchanges. It also highlights the security issues and lack of preparedness in emergency situations within the country's cryptocurrency exchange landscape.
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 caused by a network outage 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 will compensate for 596 system failure events, while Bithumb will compensate for 124 events.