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Crypto investors have reportedly sued South Korean crypto exchange Upbit.The South Korean crypto exchange is investigating the details of the lawsuit.
Dunam Co., Ltd., which operates South Korean cryptocurrency exchange Upbit, has been sued by a cryptocurrency investor in her 50s, the Korea JoongAng Ilbo reported on Monday.
Prior to the coin crash, investors claimed Upbit delayed processing a coin transfer from the exchange, resulting in a financial loss of 156 million won ($112,477). Upbit is one of South Korea’s largest cryptocurrency exchanges.
A lawsuit filed at the Seoul Central District Court last week claimed that an investor transferred 1,310 Luna Coins (LUNA) from his Upbit crypto wallet to a wallet owned by Binance on March 24, exchanging the coins for Vietnamese dong. I explained that I was trying to replace it. As of that date, his LUNA, now called Luna Classic (LUNC), was priced at around $92.79 per coin.this crashed Nearly zero in early May.
Binance notified investors the next day that the coin had been returned due to problems with the transfer process. However, the coin didn’t even show up in his Upbit his wallet. After enquiring, Upbit informed him that his coins had been mistakenly credited to his own cryptocurrency wallet and were being held back due to legally mandated account verification procedures. .
In South Korea, laws regarding the reporting and use of certain financial transaction information have been amended to reflect the travel regulations of the Financial Action Task Force (FATF). The amendment took effect on his March 25th, requiring South Korean virtual asset service providers (VASPs) to verify the information of senders and recipients of crypto transactions.
The investor’s attorney explained that his client had asked Upbit 27 times when his Lunacoin would be returned to his wallet. I told
Dunamu told the publication it was investigating the details of the lawsuit. However, Upbit’s terms of service state that the company is not responsible for any losses suffered by investors as a result of the exchange’s compliance with regulations.
In this case, do you think Korean cryptocurrency exchanges should be held responsible for losses incurred by investors? Let us know in the comments section below.
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