Five South Korean cryptocurrency exchanges to take liability for potential hacks
- Five cryptocurrency exchanges accept to update T&C as per the Fair Trade Commission recommendations.
- Seven crypto exchanges got a full pass in the ongoing government security update.
Several Korean cryptocurrency exchanges have caved in to the recommendations from the country’s antitrust watchdog the Fair Trade Commission to update their terms and conditions when it comes to the troubling issue of potential hacks and other related service issues. According to a local news outlet, Yonhap news Agency, five cryptocurrency exchanges have agreed to make the changes as per the recommendations.
South Korea crypto space is not new to hacks as Bithumb exchange fell victim to two attacks in a year. In June last year, hackers made away with around $31 million in digital assets while in May this year, insider collusion saw the exchange lose around $20 million in both XRP and EOS tokens.
Following the hack in June 2018, Bithumb promised to compensate the customers in spite of the its terms and conditions. An audit by the government security agent gave only a handful of exchanges a full pass. Among those exchanges that have cleared the 85 different types of security checks is Upbit, Bithumb, Gopax, Korbit, Coinone, Hanbitco, and Huobi Korea.
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
