CandleFocus Upbit, Bithumb to pay largest ever compensation for system failures during martial law
2025-01-22
Author: Content Editor
South Korean crypto exchanges Upbit and Bithumb have agreed to compensate users for technical failures that occurred during a martial law declaration in December. The exchanges will pay out a combined total of over $2.5 million, making it the largest compensation in South Korea's crypto history. Upbit will compensate over $2.7 million for 596 cases, while Bithumb will pay $330,000 for 124 cases. The system failures occurred when a sudden martial law announcement caused a traffic spike, resulting in downtime and losses for users. Financial authorities are monitoring exchanges' upgrades and handling of user complaints, while Upbit is also under investigation for alleged money laundering issues. The exchange has until January 20 to respond to warnings from the Financial Intelligence Unit.
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