Upbit and Bithumb to Compensate 3.5 Billion Won for System Failures on Martial Law Day, the Largest Amount Ever

Cryptocurrency exchanges that experienced system failures on the day of the martial law declaration will compensate investors with approximately 3 billion won.

Financial authorities are conducting on-site inspections to review the exchanges' improvement plans and response to complaints.

According to the industry on the 22nd, Upbit will compensate 3,144,598,156 won for 596 cases related to system failures on martial law day, and Bithumb will compensate 377,533,687 won for 124 cases.

Upbit and Bithumb are in the final stages of compensation negotiations with investors, and the compensation amount may slightly increase once negotiations are completed. Coinone, Korbit, and Gopax were not affected.

This is the largest number of people and the largest compensation amount related to system failures at cryptocurrency exchanges.

Previously, on December 3rd last year, when President Yoon Suk-yeol declared martial law, cryptocurrencies including Bitcoin (BTC) plummeted on domestic exchanges. The problem was that the surge in user access to the exchanges at that time made it difficult to access and trade smoothly.

Upbit, which usually has 100,000 concurrent users, saw more than 1.1 million concurrent users after the martial law declaration. Bithumb and Coinone also experienced over 500,000 users each.