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- Bithumb had a one and half hour outage that caused customers to lose funds.<\/li>\n
- South Korean Supreme Court has ordered the exchange to pay the customers for the damages.<\/li>\n
- Initially, a district court had ruled in favour of the exchange but the ruling was later overturned.<\/li>\n<\/ul>\n
The local courts in South Korea have ordered that Bithumb is supposed to pay just about $200,000 for damages to 132 customers affected by a service outage on January 12, 2023.<\/p>\n
On January 13, The South Korean Supreme Court ruled that Bithumb exchange should pay damages caused to customers after the 1.5-hour service outage. According to the Supreme Court, the exchange was to pay damages equivalent to $202,400 (251.4 million won). Customers are supposed to be paid as little as $6 to as much as $6,400.<\/p>\n
According to the final ruling by the Supreme Court:<\/p>\n
\u201cThe burden or the cost of technological failures should be shouldered by the service operator, not [the] service users who pay commission for the service.\u201d<\/em><\/p>\n
Initially, a district court had ruled against the customers before the matter was moved to the Supreme Court which overturned the earlier ruling and issued a final ruling on the matter.<\/p>\n
Bithumb in South Korea<\/h2>\n
Bithumb is the largest cryptocurrency exchange in operation in South Korea and the service outage was caused by a sudden surge in the average amount of orders per hour coupled with bottle-necked transaction flows.<\/p>\n