South Korean Court Orders Bithumb to Compensate Users for an Accidental BTC W...

South Korean Court Orders Bithumb to Compensate Users for an Accidental BTC W...

A South Korean court ordered one of the biggest domestic crypto exchanges to compensate victims of an “accidental withdrawal” incident in 2018. Bithumb has been ordered to pay customers who withdrew their bitcoin funds to an unknown wallet. Funds Ended Up in a Wallet With an Unknown Owner According to Fn News, six Bithumb customers brought the case before the 15th Division of the Civil Agreement of the Seoul Central District Court. They alleged that the exchange provided them with misinformation regarding withdrawing funds in November 2018. Due to the alleged chain of errors,....


Related News

Singapore court rules in favor of Bithumb founder in acquisition case

The decision on the civil lawsuit might affect a trial court in South Korea. The court drama behind the acquisition of South Korean crypto exchange Bithumb has been going on for several years, but in an unexpected development, a Singapore court has made a ruling against Kim Byung-gun, who has originally accused the owner of Bithumb, Lee Jung-hoon, in defrauding him. According to the South Korean publication Aju Daily, on Aug. 26, after three years of proceedings, a court in Singapore found Kim guilty of selling BXA coins without the permission of his partner Lee and ordered him to return....

South Korean Gaming Giant Planning to Buy Crypto Exchange Bithumb for $460 Mi...

Nexon, the South Korean multi-billion-dollar gaming conglomerate, is reportedly planning to buy a 65% stake in troubled crypto exchange Bithumb in a deal worth about 500 billion won ($460 million). ● According to local media reports, Nexon is to buy all the shares owned by Bithumb chairman Lee Jung Hoon, including several others totaling up to 65% of the exchange’s outstanding shares. ● The Tokyo Stock Exchange-listed video gaming giant has since signed a memorandum of understanding (MoU) with the sellers to facilitate the transaction. The MoU was signed at the beginning....

South Korean Crypto Exchange Bithumb Bans Employees from Trading Bitcoin

One of the largest South Korean cryptocurrency exchanges, in terms of trade volume, Bithumb, has announced that employees are banned from trading bitcoin on the exchange platform. The company’s chief executive officer revealed the decision in a Bithumb newsletter focused on improving “transaction transparency.” Bithumb Bans Employee Bitcoin Trading – Will Monitor for Individuals Who Don’t Comply The cryptocurrency trading platform Bithumb has revealed that employees are now restricted from leveraging the exchange. This means that Bithumb employees can no....

Bithumb CEO Predicts Only Four to Seven South Korean Crypto Exchanges Will Su...

The CEO of the South Korean cryptocurrency exchange Bithumb has made some predictions regarding the upcoming new rules governing the national industry. In fact, the executive believes there will only be between four and seven exchanges surviving the new regulation. Smaller Companies Unlikely to Meet New Banking, Anti-Money Laundering Protocols on Time During an interview with Hanguk Hyungjae, Heo Baek-young made an apocalyptic forecast for the local crypto firms. He believes that smaller companies could “struggle” to meet the Information Security Management System (ISMS)....

Korean Bithumb exchange to launch NFT marketplace

Rumors abound that LG subsidiary, LG CNS, is the technical partner helping Bithumb develop its NFT marketplace which is set to be launched at some point in 2022. South Korean crypto exchange Bithumb is developing an NFT marketplace with “a large company” thought to be LG CNS, a subsidiary of LG Corporation. Bithumb CEO Heo Baek-young confirmed in a Jan. 13 interview that the exchange was currently developing a nonfungible token (NFT) exchange which would help it stay competitive with Korbit and Upbit, two other domestic Korean exchanges. Heo said:“An NFT marketplace will be important in....