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UPBIT AND BITHUMB TO COMPENSATE USERS FOR SYSTEM FAILURES DURING DECEMBER MARTIAL LAW DECLARATION - South Korean crypto exchanges, Bithumb and Upbit, have reached an agreement to compensate users following the systems failure they encountered during the martial law declaration… https://t.co/XyzzS57SIh https://t.co/PExSePMiaT
🇰🇷 JUST IN: South Korea’s largest crypto exchange payout in history! Upbit and Bithumb to reimburse investors $2.4M for losses caused by a December 2023 network outage. https://t.co/1SpdNObDtv
🚨JUST IN: UPBIT AND BITHUMB TO COMPENSATE USERS $2.5M FOR TECHNICAL FAILURES DURING DECEMBER MARTIAL LAW DECLARATION IN REPORTEDLY THE LARGEST COMPENSATION IN SOUTH KOREA'S CRYPTO HISTORY
Upbit and Bithumb, South Korea's leading cryptocurrency exchanges, are set to compensate users a total of approximately $2.5 million for losses incurred during a network outage that occurred in December 2023 amid the declaration of martial law. This payout is reported to be the largest compensation in the history of South Korea's cryptocurrency sector. The compensation agreement follows the exchanges' technical failures, which led to significant disruptions for users during that period. The finalization of the compensation plan is expected next month, as Upbit faces potential sanctions for failing to comply with anti-money laundering obligations.
