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Bithumb was found “partially responsible” for a 2017 hack

September 4, 2020

A judge in the Seoul Central District Court dismissed two lawsuits by individuals against the controversial crypto exchange Bithumb. Individuals searched for USD 126,000 and USD 38,000, respectively for damages related to a data breach incident in 2017.

According to Fn News the plaintiffs Hong and Seo (both named only by last name) stated that Lost money in a phishing attack using private data stolen in a hack against Bithumb. To the third applicant: Jang, he was given $ 5,000 to cover his total loss. This amount reflects a dollar value that is well below the original required amount of $ 27,200.

In all three cases the court said the exchange was negligent, as they were able to allocate more resources related to safety to avoid the unfortunate incident.

Bithumb was found “partially responsible” for a 2017 hackBithumb was found “partially responsible” for a 2017 hack

However, The judge held that both Bithumb and Jang were partially responsible. highlight that The victim provided details that were not originally included in the data stolen from the exchange.

To carry out an attack The hacker posed as the Bithumb call center agent and provided Jang with information only a Bithumb employee would have.

The hacker told Jang that he had made a suspicious attempt to access his account and he needed a verification code sent to his phone number to block the suspicious access attempt. As soon as he had access, the hacker converted Jang’s XRP and ETH funds into fiat.

The court ruling came out shortly afterwards South Korean police raided Bithumb’s offices on September 2nd.

The raid was carried out by the criminal investigation department of the Seoul Metropolitan Police Agency. It was supposedly connected with an ongoing police investigation that involved Lee Jung Hoon, CEO of Bithumb Korea and Bithumb Holdings.

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