Korean court orders crypto exchange to pay customers who suffer from service-regulation
Korean court orders crypto exchange to pay customers who suffer from service-regulation
The South Korea's Senvos Court has confirmed that Bithumb, the country's largest cryptocurrency exchange, must pay compensation to more than a hundred customers who submitted a lawsuit in which they claimed that they had suffered financial losses due to the service of the stock exchange.
BITHUMB must pay customers because of the case of service
The South Korea's Senvos Court has issued a final judgment in a case that concerns a disk at Bithumb, the country's largest cryptocurrency exchange, reported Yonhap.
The court condemned Bithumb to pay compensation in the amount of a total of $ 251.4 million ($ 203,120) to 132 investors who had filed a lawsuit against the operator of the crypto exchange after the event
The plaintiffs claimed that due to strong price declines in a number of cryptocurrencies, such as Bitcoin Cash ( bch )) Ethereum classic ( etc ), on November 12, 2017, as the service case. According to the lawsuit, the average number of orders per hour doubled during the interruption, which slowed down the transaction streams.
A district court initially decided in favor of Bithumb against the investors. However, the decision was later canceled by an appellate court that asked Bithumb to pay each of the 132 investors compensation in the amount of 8,000 weeks to 8 million. The Supreme Court confirmed this judgment on Thursday.
according to the appellate court:
The burden or the costs of technological failures should be borne by the service operator, not by the service users who pay a commission for the service.
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