April 20, 2024

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Five cryptocurrency exchanges have changed their terms of service in a way that they can be liable for problems caused by potential cyberattacks or system malfunctions, even if operators are not willfully or grossly negligent, South Korea’s antitrust regulator said on June 17.

The Fair Trade Commission said Bithumb and four other cryptocurrency exchanges made the changes after receiving the corrective recommendation from the FTC in April last year.

The cryptocurrency exchanges had said in their terms of service that they will not be held accountable for compensation if there is no willful or gross negligence.

In June last year, Bithumb lost 35 billion won ($31.5 million) worth of cryptocurrencies in a cyberattack.

By Ram Garikipati and newswires (ram@heraldcorp.com)