September 21, 2020

The court ordered the exchange to reimburse the stolen funds to the investor

The court ordered the exchange to reimburse the stolen funds to the investor

25 On September 9, a South Korean court ruled that CoinOne cryptocurrency exchange should reimburse the investor 25 million won ($ 20,800) lost as a result of the hack.

At the end of December 2018, an attackerI used the victim’s personal login and password to log in to CoinOne, and then, hiding my IP address in the Netherlands using a VPN, I converted all the crypto assets in my account into bitcoins (BTC) and removed them from the exchange.

The total value of the stolen cryptocurrencies amounted toabout 47.7 million won. There was a daily withdrawal limit of 20 million won on the account. However, the restriction system did not work, and the attacker managed to withdraw all the investor's funds.

The court ruled that the exchange is responsible for non-compliance with the withdrawal limit and should reimburse the investor for the amount that the hacker managed to withdraw beyond the limit.

Recall that last year, the CoinOne exchange announced that its users must have verified accounts in order to be able to display fiat.

According to the materials cointelegraph.com