{"id":16509,"date":"2023-01-16T12:19:11","date_gmt":"2023-01-16T12:19:11","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bithumb-ordered-to-pay-customers-for-service-outage\/"},"modified":"2023-01-16T12:19:11","modified_gmt":"2023-01-16T12:19:11","slug":"bithumb-ordered-to-pay-customers-for-service-outage","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bithumb-ordered-to-pay-customers-for-service-outage\/","title":{"rendered":"Bithumb ordered to pay customers for service outage"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1673867623927-1e8d0184-2bf5-4e11-ad19-d6539865d685-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1673867623927-1e8d0184-2bf5-4e11-ad19-d6539865d685-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1673867623927-1e8d0184-2bf5-4e11-ad19-d6539865d685-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/1970\/01\/1673867623927-1e8d0184-2bf5-4e11-ad19-d6539865d685-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/><\/picture><\/div>\n<ul>\n<li>Bithumb had a one and half hour outage that caused customers to lose funds.<\/li>\n<li>South Korean Supreme Court has ordered the exchange to pay the customers for the damages.<\/li>\n<li>Initially, a district court had ruled in favour of the exchange but the ruling was later overturned.<\/li>\n<\/ul>\n<p>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<p>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<p>According to the final ruling by the Supreme Court:<\/p>\n<p><em>\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<p>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<h2>Bithumb in South Korea<\/h2>\n<p>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<p><a href=\"https:\/\/coinjournal.net\/news\/bithumb-executives-sued-in-hong-kong-over-fraud-allegations\/\">Bithumb has also been under investigation f<\/a>or the sudden death of one of the largest shareholders following embezzlement claims. There is also a special tax investigation on the exchange after authorities suspected the exchange of possible tax evasion.<\/p>\n<p>Bithumb headquarters were actually raided by the National Tax Service (NTS) on January 10.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><a href=\"https:\/\/coinjournal.net\/news\/bithumb-ordered-to-pay-customers-for-service-outage\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Bithumb had a one and half hour outage that caused customers to lose funds. South Korean Supreme Court has ordered the exchange to pay the customers for the damages. Initially, a district court had ruled in favour of the exchange but the ruling [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":16510,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/16509"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=16509"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/16509\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/16510"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=16509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=16509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=16509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}