South Korean court orders CoinOne exchange to compensate user for hack, imposes withdrawal cap

posted about 2 months ago
Seoul’s Southern District Court ruled that South Korean cryptocurrency exchange CoinOne is required to compensate users who suffered losses due to hacked accounts that violate the withdrawal limit imposed by government policies. CoinOne must pay 25 million won (~$21,000) to the plaintiff who sued the exchange after a hack deprived him of cryptocurrencies worth 48 million won (~$40,000 USD) in December 2018.

The plaintiff claimed the daily transfer limit of 20 million won should have prevented all of his funds from being lost. The court ruled that the withdrawal cap should be introduced as part of the exchange’s policy, holding CoinOne accountable and ordering them to pay for the losses.
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