ETHERLive delivers real-time price and volume data across 16+ exchanges to users in a clear and easy-to-understand package. Users can get up-to-the-second updates for each exchange/currency pair, as well as aggregated market averages for each exchange, currency, and the market as a whole. It also provides a global converted average of all the currency pairs monitored by ETHNews, converted to USD.


24hr ---

The Basics

Learn the basics of Ethereum and various cryptocurrency technologies

Learn More

What is Ethereum?

Understand the underlying principles of the Ethereum Platform

Learn More

The Blockchain

Discover the revolutionizing technology known as the blockchain

Learn More

Press Release

Submit a press release for consideration on ETHNews

Submit Press

Story / Dapp

Submit a story or DAPP to be considered for publication on ETHNews.

Submit Story


Submit "Ethereum Explainer" content for consideration to be featured on ETHNews

Submit Topic
ETHNews Logo
Ether Price Analysis
Contact Us
ETHNews will sunset at the end of August. The site will remain accessible for a few weeks while necessary maintenance is performed. Thanks, as always, for reading.

Court Says Bithumb Doesn’t Have To Compensate User For Crypto Stolen In Exchange Hack




The court ruled that the exchange was not subject to the Electronic Financial Transactions Act.

South Korean cryptocurrency exchange Bithumb was cleared of all charges brought against it by a customer whose virtual currency was stolen in a November 2017 hack, according to reports out of South Korea.

An article in the Korea Economic Daily states that the lawsuit was brought against the exchange by a customer named Park. Mr. Park claimed that security regulations for the virtual currency exchange were not strong enough to protect investors, leading to his account being hacked and 478 million Korean won being stolen from his account on Bithumb.

According to Park, in November of last year, he deposited 478 million Korean won ($426,244.55) into his Bithumb wallet. Later that same month, he claims an unknown hacker gained access to his account and used the won to purchase Ether and make four transfers out of the account with Bithumb's approval, leaving Mr. Parks with a measly 121 won ($0.11).

At the heart of the case was the question of whether cryptocurrency exchanges should be subject to the country's Electronic Financial Transactions Act, which is meant, in part, to "contribute to ensuring the security and reliability of electronic financial transactions by clarifying their legal relations."

The South Korean court ruled that Bithumb did not fall under the act as it does not qualify as a financial company – that's because the court views digital currency as a speculative investment rather than an electronic payment system. Thus, it ruled the exchange not responsible for Mr. Park's stolen funds.

Translations by Google.

Nathan Graham

Nathan Graham lives in Sparks, Nevada, with his wife, Beth, and dog, Kyia. Nathan has a passion for new technology, grant writing, and short stories. He spends his time rafting the American River, playing video games, and writing.

ETHNews is committed to its Editorial Policy

Like what you read? Follow us on Twitter @ETHNews_ to receive the latest Bithumb, South Korea or other Ethereum wallets and exchanges news.