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South Korean Court Drops Low Security Charges Against Bithumb

13:39 28/12/2018

The court of South Korea rejected the accusatory lawsuit against the cryptocurrency trading platform Bithumb, sent by its client, allegedly having lost about $355,000 during a fraudulent attack, Coindesk Korea reports.


The incident occurred in November 2018, when a user under the name Park made a deposit of 478 mln Korean won ($428,149) on his account. After that, an unknown person hacked it and exchanged fiat money for ETH. Then the fraudster withdrew the assets from Park’s balance, leaving less than $0.11 in cryptocurrency and $1 in fiat.

The victim appealed to the Seoul Civil Court with a complaint against the company BTCKorea.com, which manages the exchange. He stated that since Bithumb provides financial services, it is obliged to maintain a high level of data protection. Also, the claimant recalled a theft of personal information that occurred in the spring of 2017, because of which the company paid the state $51,000 as a fine.


The company retorted that the exchange does not belong to the category of financial institutions, and therefore, according to the provisions of the Electronic Financial Transactions Act, it is not obliged to provide compensations.

The court acquitted Bithumb, stating that cryptocurrencies are speculative means that cannot be equated to payment instruments. It also did not consider the connection between the data leakage in 2017 and the hacking of the Park’s account, saying that he could have lost his data by some other fraudulent means. In addition, the decision states that the exchange tried to warn the user about the danger by sending him 10 SMS to confirm transactions.


As previously reported, the cyber police in Ukraine detained a fraudster, cracking cryptocurrency wallets with the help of a virus.

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