A Korean court mandates that cryptocurrency exchanges pay customers who experienced service interruptions.

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The largest cryptocurrency exchange in South Korea, Bithumb, was ordered to compensate over a hundred users who sued, claiming they had lost money as a result of the exchange’s service outage. The decision has been upheld by the country’s top court.

Customers of Bithumb are to be compensated for service interruptions, according to court order.
A final decision concerning a service interruption at Bithumb, the nation’s largest cryptocurrency exchange, has been made by the South Korean Supreme Court, according to Yonhap.

Bithumb has been ordered by the court to pay 132 investors who sued the operator of the cryptocurrency exchange after the service outage damages totaling 251.4 million won ($203,120).

On November 1, the plaintiffs alleged that they had suffered financial losses as a result of sharp price drops in several cryptocurrencies, including bitcoin cash (BCH) and ethereum classic (ETC). 12, 2017, the day the service went down. The average number of orders per hour doubled during the service interruption, the lawsuit claims, leading to a significant slowdown in transaction flows.

The price of BCH increased significantly on November. 12, 2017.
Initially, a district court decided in favor of Bithumb and against the investors. However, the decision was later overturned by an appeals court, which mandated that Bithumb compensate each of the 132 investors with damages ranging from 8,000 won to 8 million won. On Thursday, the supreme court upheld this decision.

The appellate court stated that:.

Users who pay commission for the service shouldn’t have to bear the burden or expense of technological failures; instead, the service provider should be held accountable.

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