South Korean cryptocurrency exchange Bithumb must settle with clients who lost bitcoins due to a bug in the withdrawal process in 2018. The court made the decision, FnNews reports.
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Six exchange clients accused Bithumb of providing incorrect withdrawal data. Users sent assets to an unknown wallet, the owner of which has never been identified.
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According to the court’s ruling, Bithumb must pay compensation in fiat currency at the rate prevailing at the time of the incident. At that time, Bitcoin traded around $4,660. The affected clients sought nearly $1 million and intend to appeal the ruling.
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\”It is hard to agree that the plaintiffs at the time could have known about the future rise in Bitcoin’s price, so they would not have been able to guarantee a profit,\” the court explained.
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Back in 2018, during the hack, hackers stole more than $30 million from the exchange. In its annual report, Bithumb reported losses of $180 million.
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In 2019, the exchange lost 3 million EOS and 20 million XRP as a result of a new attack. Yet for the year Bithumb posted a profit of $30 million.
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In 2020, the police conducted three searches at the exchange’s offices, after which the authorities summoned for questioning chairman Lee Jong-hoon.
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