Five cryptocurrency exchanges in South Korea including Bithumb have changed their terms of service to state they will be liable for user losses after a cyber attack or system malfunction – regardless of whether they were “willfully or grossly negligent”, Yonhap Press Agency writes.
The move follows a recommendation from the Fair Trade Commission last year. Previously, the exchanges would only pay compensation if user funds were stolen as a result of the firms’ negligence.
Just last year, 35 billion won ($31.5 million) in cryptocurrencies were stolen from Bithumb.
South Korean cryptocurrency exchanges to be held liable for any lost assets in future written by Carol Gaszcz @ https://www.theblockcrypto.com/tiny/south-korean-cryptocurrency-exchanges-to-be-held-liable-for-any-lost-assets-in-future/?utm_source=rss&utm_medium=rss&utm_campaign=default June 17, 2019 Carol Gaszcz