{"id":870509,"date":"2025-09-04T21:12:45","date_gmt":"2025-09-05T02:12:45","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2025\/09\/04\/crypto-exchange-bithumb-promises-to-compensate-customers-after-100-min-outage\/"},"modified":"2025-09-04T21:12:45","modified_gmt":"2025-09-05T02:12:45","slug":"crypto-exchange-bithumb-promises-to-compensate-customers-after-100-min-outage","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2025\/09\/04\/crypto-exchange-bithumb-promises-to-compensate-customers-after-100-min-outage\/","title":{"rendered":"Crypto Exchange Bithumb Promises to Compensate Customers After 100 Min. Outage"},"content":{"rendered":"
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\n Crypto Exchange Bithumb Promises to Compensate Customers After 100 Min. Outage <\/h2>\n
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Author<\/p>\n

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Tim Alper<\/p>\n

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Author<\/p>\n

\n Tim Alper <\/span>\n <\/p>\n<\/p><\/div>\n

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About Author<\/p>\n

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked…<\/p>\n<\/p><\/div>\n<\/div><\/div>\n<\/p><\/div>\n

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Last updated:\u00a0<\/p>\n

\"Crypto<\/p>\n

The South Korean crypto exchange<\/a> Bithumb says it will compensate customers who were affected by an outage that took the platform offline for about 100 minutes on September 2.<\/p>\n

The South Korean newspaper Seoul Kyungjae<\/a> reported that the platform went down \u201csuddenly\u201d at 11:27 PM KST on September 2.<\/p>\n

Bithumb confirmed computer system-related problems caused the disruption, rather than an external hacking attempt.<\/p>\n

\"A
Bithumb trading volumes on September 2-3. (Source: CoinGecko)<\/figcaption><\/figure>\n

Bithumb Outage: What We Know<\/span><\/h2>\n

The exchange explained that order executions were delayed, with its order book frozen. Bithumb said that its engineers \u201cimmediately began system maintenance\u201d after detecting the fault.<\/p>\n

However, Bithumb \u201ctrading services were down for approximately 1 hour and 40 minutes,\u201d the newspaper explained.<\/p>\n

Bithumb announced September 3 that it would \u201cfully compensate users for losses incurred due to the trading suspension.\u201d<\/p>\n

The exchange said it now plans to \u201csequentially review\u201d customer complaints and provide compensation for traders who lost money as a result of the outage.<\/p>\n

Bithumb said it hopes to complete the review and compensation process in the space of \u201capproximately one month.\u201d<\/p>\n

An exchange official said a transaction system error caused the problem. Bithumb said: \u201cThe outage was not caused by external factors like hacking. We are analyzing the details of this technical error to ensure this does not happen again.\u201d<\/p>\n

\"A
The top five coins per trading volume on Bithumb on September 2-3. (Source: CoinGecko)<\/figcaption><\/figure>\n

Do South Korean Exchanges Need to Shore up Their Systems?<\/span><\/h2>\n

The newspaper said customers had suffered \u201csignificant disruption.\u201d This follows major system errors at South Korea\u2019s biggest exchanges during last year\u2019s martial law crisis.<\/p>\n

Crypto markets experienced turmoil in early December 2024, after former President Yoon Suk-yeol attempted to declare martial law.<\/p>\n

Some traders responded by selling their crypto holdings, while others attempted to \u201cbuy the dip.\u201d<\/p>\n

The result was a massive and sudden surge of web traffic to major exchanges, with many platforms seemingly unable to take the strain.<\/p>\n

\u201cRepeated computer outages at major exchanges are fueling investor discontent,\u201d Seoul Kyungjae wrote.<\/p>\n

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We Must Improve Legal System, Say Industry Officials<\/span><\/h2>\n

Data compiled by the offices of the People Power Party lawmaker Lee Heon-seung has revealed that 89 cases of outages occurred at the country\u2019s five fiat-trading exchanges from 2018 to 2024.<\/p>\n

Bithumb has experinced 41 of these outages, with its closest rival Upbit experiencing 28 cases. GOPAX has suffered from 11 outages in the period, with Coinone reporting eight cases. Korbit experienced just one system-related outage between 2018 and 2024.<\/p>\n

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Bread prices in Korea have been rising, adding to consumers’ financial burden amid the inflation of food prices. The persistent rise came to the fore after a popular YouTuber sold bread for 990 won (70 cents), sparking a debate over the current prices.https:\/\/t.co\/xtLdgIjjtB<\/a><\/p>\n

\u2014 The Korea JoongAng Daily (@JoongAngDaily) September 3, 2025<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

The newspaper bemoaned the fact that South Korea currently has no industry-wide legal compensation standards. As such, deadlines for reporting damages and compensation methods currently \u201cvary greatly from exchange to exchange.\u201d<\/p>\n

The newspaper quoted an unnamed South Korean crypto industry official as stating:<\/p>\n

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\u201cThe crypto market is highly volatile and operates 24 hours a day. As such, even a few minutes of trading interruption can result in investors making losses. We need to create a streamlined compensation system for damages caused by exchanges\u2019 computer system failures.\u201d<\/p>\n<\/blockquote>\n

Bithumb is aiming to go public on the NASDAQ stock exchange in 2026. It has recently launched a spinoff company as part of its bid<\/a>. This, Bithumb claims, has allowed it to divide its core exchange operations from its new business arm.<\/p>\n

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Crypto Exchange Bithumb Promises to Compensate Customers After 100 Min. Outage Author Tim Alper Author Tim Alper About Author Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked… Last<\/p>\n","protected":false},"author":1,"featured_media":870510,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22791,2038],"tags":[],"class_list":{"0":"post-870509","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto","8":"category-exchange"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/870509","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=870509"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/870509\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/870510"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=870509"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=870509"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=870509"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}