#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 caused by a network outage on December 3, 2023, marking the largest payout in the history of South Korean crypto exchanges. The incident occurred on the same day South Korea announced martial law, leading to system failures at both exchanges and affecting numerous users. Upbit will compensate for 596 system failure cases, while Bithumb will compensate for 124. This incident highlights the security issues surrounding cryptocurrency exchange systems in South Korea, as well as the importance of protecting user rights during extraordinary circumstances.
Ace Hot Topic Analysis
Analysis
Upbit and Bithumb, South Korea's two largest cryptocurrency exchanges, will compensate users a total of $2.4 million for network outages that occurred on December 3, 2023, the day South Korea declared martial law. This is the largest payout in the history of South Korean cryptocurrency exchanges. Upbit will pay $2.2 million to compensate for 596 system failure incidents, while Bithumb will pay $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 paid in the history of system outages at South Korean cryptocurrency exchanges. The incident has raised concerns about the security of South Korean cryptocurrency exchanges and highlighted the losses that network failures can cause to users.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
South Korea's two largest exchanges, Upbit and Bithumb, will compensate users for losses incurred due to a network outage in December 2023, totaling $2.4 million.
This is the largest compensation payout in the history of South Korean cryptocurrency exchanges.
This incident is the largest in terms of the number of affected users and the amount of compensation paid in the history of system failures in South Korean cryptocurrency exchanges.
The compensation actions of Upbit and Bithumb demonstrate their commitment to user responsibility and set an example for other exchanges.