South Korean court sides with crypto exchange over disgruntled user who claims he was hacked out of $355,000
South Korean courts sided with crypto exchange Bithumb over a disgruntled user in a recent case, CoinDesk reports. The user claimed a potential hacker exchanged the 478 million Korean won he put in his account in 2017 for ether. “Park said he’d placed 478 million Korean won (~$355k) in his account with Bithumb on Nov. 30 2017 and within hours someone, assumed to be a hacker, had logged into his account and exchanged the cash for ethereum,” CoinDesk reported. The man then sued Bithumb’s parent company, BTCKorea.com, in a civil court in Korea’s capital city, Seoul, to get his money back. The court, however, ruled that Bithumb was not responsible for compensating the man, siding with the exchange which rested on the defense that it is not a financial company. “According to the Electronic Financial Transactions Act, Bithumb is not responsible for compensation because it is not a financial company, an electronic financier, or an electronic financial assistant … Since we have strengthened our security policy since the leak of personal information, we have fulfilled our obligation to be a diligent manager.”
The post South Korean court sides with crypto exchange over disgruntled user who claims he was hacked out of $355,000 appeared first on The Block.
South Korean court sides with crypto exchange over disgruntled user who claims he was hacked out of $355,000 written by Frank Chaparro @ https://www.theblockcrypto.com/tiny/south-korean-court-sides-with-crypto-exchange-over-disgruntled-user-who-claims-he-was-hacked-out-of-355000/ December 28, 2018 Frank Chaparro