A South Korean court considers crypto exchange Bithumb not guilty of any wrongdoings after the company was hacked and clients lost their crypto money. Bithumb was accused by one of the victims who lost thousands of dollars. The court has decided that the Korean exchange is not guilty for the lack of security it provided to its crypto exchange users. This comes from a report from earlier this week in The Korea Economic Daily.
The victim was 30-year-old Ahn Park, who saw his account hacked on November 30th 2017. He lost about 400 million Korean won, which equals 335 thousand dollars. According to Park the crypto exchange lacked proper security measures, which was the reason the hacker gained access to Park’s crypto currency fund. The victim insists the Bithumb should comply with the same security measures implemented at other financial services.
The hack in November last year was the second one, as the exchange got hacked in July as well. That time employee records and private information of 30 thousand users was leaked. Park believes Bithumb never properly secured its servers.
However, the judge sided with the exchange. Bithumb claims that it isn’t a financial institute. On top of that the court felt that ten separate SMS messages from Bithumb to their client was enough to notify Park about the transfers that were going on.
Also published on Medium.