Connect with us

Ethereum

Investor losses legal battle against Bithumb for 2017 data breach incident

Published

on



According to news agency Yonhap, Bithumb will not have to repay a crypto investor who allegedly lost $401,000 as a result of a 2017 data breach suffered by the firm.

A High Court judge determined that the man (identified as “Mr. A” for privacy purposes) had failed to successfully prove that his data was compromised during the incident. As a result, the exchange will not be held liable for Mr. A’s lost funds.

Mr. A stated that he was holding Korean won (KRW) funds on the exchange and that the data breach had compromised access to his personal information.

The hackers allegedly used his KRW funds to purchase Ethereum (ETH) before later converting them into fiat over four separate transactions.

Previously, a number of other Bithumb users had attempted to hold the exchange accountable for losses stemming from the data breach. A judge ruled on September 3, however, to dismiss two out of the three claims — for $126,000 and $38,000. A third user was awarded $5000 (significantly less than their losses) when the court found that Bithumb was partially responsible in that particular case.



Source link

Ethereum

Bitcoin price rally cools down as Polkadot gains 34% in first week of ‘altseason’

Published

on

By


Bitcoin (BTC) fell below $26,000 on Dec. 29 as fresh fallout from Ripple’s threatened U.S. lawsuit was felt throughout crypto markets.

Cryptocurrency market overview. Source: Coin360

BTC price dips as Coinbase halts XRP trading

Data from Cointelegraph Markets, Coin360 and TradingView showed BTC/USD hitting lows of $25,830 during Tuesday trading.

$27,000 support failed to hold overnight, sparking a retest of lower levels which now center on $26,000. At the weekend, Bitcoin hit all-time highs of $28,400 before swiftly reversing.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

The latest losses come as XRP, the fourth-largest cryptocurrency by market cap, hits $0.23 thanks to major U.S. exchange Coinbase opting to suspend trading from next month. The reason is a lawsuit from the U.S. Securities and Exchange Commission (SEC), which threatens to classify XRP as an unlicensed security and make trading it all but impossible.

“There is going to be a rangebound construction, after which 2021 will most likely break out again,” Cointelegraph Markets analyst Michaël van de Poppe summarized about Bitcoin’s short-term perspectives in a video update on Monday.