South Korean watchdog advises cryptocurrency exchanges to update terms regards hacks

  • Fair Trade Commission has South Korea sent out a recommendation to exchanges in the country to update their T&Cs.
  • The advice was to do with the terms around possible hacks on the exchange and any service issues.

The South Korean antitrust watchdog, Fair Trade Commission, has sent out a recommendation to Korean exchanges to update their terms if conditions.

It focused around the liabilities for potential hacks and any service issues. There was a total of five exchanges, that made the noted changes after the corrective recommendation.

As a recap, one of the largest exchanges in the country, Bithumb, was hacked twice in a year, is included in the five exchanges, the report says. The exchange in June 2018, lost roughly $31 million in cryptocurrencies, and, in May 2019, a possible insider job saw around $20 million in the company’s holdings of XRP and EOS disappear.

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