South Korean Supreme Court finalized its ruling that Bithumb must pay damages to investors over a 1.5-hour service outage on Nov. 12, 2017. According to a local news source, the damages are equivalent to $202, 400 – or 251.4 million in the regional currency won.
Initially, a district ruled against the investors, though it was later overturned. The finalized ruling from the Supreme Court ordered damages to be paid ranging from as little as $6 to around $6,400 to the 132 investors involved.
Bithumb is the country’s largest cryptocurrency exchange. The temporary outage came after the average amount of orders per hour suddenly doubled and bottled-necked transaction flows.
Prior to this ruling, Bithumb has been under tight watch from local authorities. After investigations on the former chair of the exchange and the sudden death of one of the largest shareholders after embezzlement claims, Bithumb is now being probed by regulators.
