South Korean Crypto Exchange forced to update terms and conditions to accept liabilities for hackers.

In order to accept liability for potential hacks and service issues, some of the South Korean cryptocurrency exchanges are being forced to update their terms and conditions.
A total of Five exchanges had made the change after being issued a corrective recommendation, this report is according to Yonhap News Agency, the South Korea’s antitrust watchdog and the fair commision.

Bithumb,  is  among the five exchanges , an exchange which has experienced hacks twice in a year, the report says.

Last June, The platform lost roughly $31 million in cryptocurrencies during last year June and in May 2019 saw around $20 million in the company’s holdings of XRP and EOS disappear which could probably be an insider theft.

The exchange’s Terms & Conditions had previously stated that they would not compensate users that are found to be willfully or grossly negligent. Bithumb promised to refund users that lost cryptos, despite its T&Cs, after it’s hack incident in 2018.

In January, only a third of The inspected cryptocurrency exchanges that got a full pass in a government security audit was only one third in January.

During the time, a total of 21 cryptocurrency exchanges from September to December 2018, examining 85 different security aspects were inspected by several government agencies.

However, only 7 cleared all the tests as they were able to pass the audit test. They are: Upbit, Bithumb, Gopax, Korbit, Coinone, Hanbitco, and Huobi Korea.


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Credit: Daniel Palmer


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