TechFlow news — On January 22, according to Yonhap News Agency, South Korea’s two major cryptocurrency exchanges, Upbit and Bithumb, will pay approximately 3.5 billion Korean won (2.4 million USD) in compensation to users affected by service outages during the December 3, 2023 martial law event in South Korea. Upbit is involved in 596 cases and will pay 3.145 billion won (about 2.2 million USD), while Bithumb is involved in 124 cases and will pay 378 million won (about 264,000 USD).
On that day, Upbit reached 1.1 million concurrent users, while Bithumb exceeded 500,000, causing trading suspensions and failed fund transfers. The Financial Services Commission has requested exchanges submit improvement plans, including server capacity expansion, and has initiated on-site inspections to ensure the security and reliability of the virtual asset ecosystem.
