South Korean crypto exchange Bithumb has won a lawsuit in which one of its clients claimed he had lost approximately $355,000 in the hack, The Korea Economic Daily reports.
Previously, in November, 30-year-old Bithumb’s client Ahn Park claimed he had lost around 400 million Korean won (approximately $355,000) due to the hack of his Bithumb account.
Park claims an unknown hacker attacked his account and exchanged Park’s fiat funds for ethereum (ETH). Park convinced the exchange had to offer security safeguards but failed to do that.
One way or the other, the judge didn't agree with Park’s statements:
"In general, virtual currencies cannot be used to buy goods and it is difficult to guarantee their exchange for cash because their value is very volatile. [Cryptos] are mainly used for speculative means, [and it] is not reasonable to apply [Korea’s] Electronic Financial Transactions Act to a defendant who brokers virtual currency transactions without the permission of [South Korean regulator] the Financial Services Commission."