Five Korean crypto exchanges changed terms to be liable for cyber attacks

By Staff Writer

Five South Korean crypto exchanges have amended their terms of service in a way that they can be liable for problems caused by potential cyber attacks or system malfunctions, even if operators are not willfully or grossly negligent, South Korea’s antitrust regulator said Monday.

The Fair Trade Commission (FTC) said Bithumb and four other cryptocurrency exchanges made the changes after receiving the corrective recommendation from the FTC in April last year, the newspaper Korea Herald said quoting Yonhap News Agency.

Previously, the exchanges had said in their terms of service that they will not be held accountable if there is no willful or gross negligence. In June last year, BitHumb lost 35 bn won ($31.5mn) worth of cryptocurrencies in a cyberattack (see here).

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