The Bithumb must pay more than 100 users who filed legal claims for monetary losses as a result of the exchange’s service interruption, according to a ruling by the South Korean Supreme Court.
The court has ordered Bithumb to pay more than 251.4 million won ($200,000) to 132 customers who sued the cryptocurrency exchange because its service outage caused them to lose money. Recently, BitConnect victims were to receive millions of dollars as repayment in a pyramid scam.
The plaintiffs asserted that on November 12, 2017, when the service outage occurred, they experienced monetary damages due to sharp price declines in several cryptocurrencies, including Ethereum Classic (ETC) and Bitcoin Cash (BCH).
The lawsuit says that when the service went down, the average number of orders placed per hour went up, which slowed down order processing a lot.
At first, a district court ruled against the investors. Nevertheless, the ruling was later changed by an appeals court, which told Bithumb to pay each investor between 8,000 and 8 million won in damages.
