Upbit and Bithumb will compensate users $2.4 million due to network interruptions during the South Korean lockdown

ChainCatcher news, South Korean cryptocurrency exchanges Upbit and Bithumb have decided to compensate investors, with a total amount of approximately 3.5 billion won (2.4 million USD), to cover the losses caused by the network outage on December 3rd last year (the day South Korea announced martial law).

Upbit will pay 3.1 billion won (about 2.2 million USD) to compensate for 596 system failure incidents, while Bithumb will pay 377.5 million won (about 264,000 USD) for 124 incidents. Other exchanges have no related cases. This incident is the largest in terms of affected users and compensation amount in the history of system failures of South Korean cryptocurrency exchanges.