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South Korean Bitcoin Exchange, Bithumb Hit by another Server Outage Customers claim Millions of dollars are lost

Nov 16, 2017 Posted /  2421 Views

South Korean Bitcoin Exchange, Bithumb Hit by another Server Outage Customers claim Millions of dollars are lost

Traders Lose Millions of Dollars

South Korea's Bithumb suddenly went offline during the peak of the Bitcoin Cash price spike leaving many traders frustrated  for about 90 minutes. Bithumb is report to have been leading the rally for the sudden blackout of the exchange servers due to overloading with transactions. Traders got agitated leading to an unprecedented police deployment on Monday at the Bithumb Headquarters in Seoul as a precautionary security measure. Bithumb official was quoted by Korea Times saying,

“measures to compensate investors are being discussed. We are going to fulfill our legal and social responsibilities as regard this ordeal”

some traders are complaining to having missed lucrative opportunities to make huge profits extended by the spike in  Bitcoin Cash Price. Meanwhile about 3000 legal law suites have been filed against Bithumb following this temporary glitch on  the exchange's servers.

Traders Seek Judicial Attention to Recover Lost Won

Protesters were seen around Bithumb headquarters in Seoul South Korea early Monday morning following the server issues that took place a day before. Police deployed at the exchange's headquarters were seen trying to talk to the protectors who were furious about allegedly loosing lots of money in possible profits when the server went offline. An eye witness of the event that unfolded there after told us saying,

“I was there during the chaos watching it all unfold. Are there no other exchanges these people can use? Korea is a big place. Surely bithumb can't be the only reputable exchange for them to use. After the first crash was reported this weekend I'd have moved to a more stable exchange if I were them. ”

Will Bithumb Compensate it Customers for their Acclaimed Losses

Bithumb gave a clear statement that necessary arrangements were being made to ensure all grievances caused by the server outage would be compensated. Similar cases where lawsuits are filed after an event of server outage in Florida where Kraken Exchange was rounded by a DdoS attack in turn leading to the loss of about $1 million. Most cases of related genre always settles out of court with the plaintiffs filling a complaint to compel the defendant to compensate for associated damages caused by the server Blackout.

Bithumb handles about 75% of all Bitcoin trades in south Korea making it the larges exchange in the country. It's also reported that the south Korean Won dominated trading during the spike in the Bitcoin Cash price during the weekend. Meanwhile the global market continued performing well setting a new record of $25 Billion in volume.


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Tags: bitcoin exchange Bitcoin Cash Bithumb South Korean Bithumb Hit

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