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South Korean cryptocurrency exchanges to be held liable for any lost assets in future

Carol Gaszcz
Five cryptocurrency exchanges in South Korea including Bithumb have changed their terms of service to state they will be liable for user losses after a cyber attack or system malfunction - regardless of whether they were “willfully or grossly negligent”, Yonhap Press Agency writes.The post South Korean cryptocurrency exchanges to be held liable for any lost assets in future appeared first on The Block.

Five cryptocurrency exchanges in South Korea including Bithumb have changed their terms of service to state they will be liable for user losses after a cyber attack or system malfunction - regardless of whether they were “willfully or grossly negligent”, Yonhap Press Agency writes. 

The move follows a recommendation from the Fair Trade Commission last year. Previously, the exchanges would only pay compensation if user funds were stolen as a result of the firms' negligence.

Just last year, 35 billion won ($31.5 million) in cryptocurrencies were stolen from Bithumb.