The failure in the processing system of BitHumb exchange orders occurred around 23:27 local time. Trading digital assets was completely stopped for an hour and 40 minutes, which led to financial losses of traders in the volatile market.
The volume of bidding fell from $ 1 billion to less than $ 900 million, showed data Coingecko. The BITHUMB team said that the error was of an internal technical nature, without the “intervention of external factors” like a hacker attack.
Since in South Korea there are no unified legal standards for compensation for financial losses of traders in the cryptocurrency market, the exchange administration invited the affected traders to apply for compensation to the support service. Within a month, the exchange promises to consider complaints and make a decision on compensation. The methodology for calculating losses and the amount of loss of traders is not specified.
Earlier, the South Korean Exchange BITHUMB announced the suspension of operations with synthetic dollar dollar steablecoin Synthetix (SNX) due to risks associated with the loss of token binding to the US dollar.
Source: Bits
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