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.
Credit: Daniel PalmerJOIN OUR COMMUNITY