Korean crypto exchanges are starting to accept liability for hacks

Korean crypto exchanges are starting to accept liability for hacks

Some of the South Korean crypto exchanges have presented serious updates in their terms and conditions. Now, according to these updates, they’re going to accept liability for all the possible hacks and issues with services.

Yonhap News Agency has reported that the Fair Trade Commission of South Korea has announced about five crypto exchanges who made corrections in their T&C’s.

One of this five exchanges is Bithumb, which was hacked twice in a year. The first incident was in last June when the exchange has suffered approximately $31 million in crypto. The second time was in May 2019 and the corporation dropped $20 million in XRP and EOS.

Before this corrections, Bithumb had a statement in its terms that it wouldn’t compensate loses of users. But after 2018’s hack, it pledged to refund users that lost cryptos.

In this January, only a third of examined Korean exchanges got a total pass in a government safety audit.

In the period from September 2018 to December 2018, administration agencies of South Korea have examined 21 crypto exchanges and only 7 (Bithumb, Gopax, Upbit, Korbit, Huboi Korea, Hanbitco and Coinone) of them have succeeded in all the tests.