Crypto Exchange Bithumb Promises to Compensate Customers After 100 Min. Outage
The South Korean crypto exchange Bithumb says it is going to compensate prospects who have been affected by an outage that took the platform offline for about 100 minutes on September 2.
The South Korean newspaper Seoul Kyungjae reported that the platform went down “all of a sudden” at 11:27 PM KST on September 2.
Bithumb confirmed pc system-related issues brought on the disruption, quite than an exterior hacking try.
Bithumb Outage: What We Know
The alternate defined that order executions have been delayed, with its order ebook frozen. Bithumb stated that its engineers “instantly started system upkeep” after detecting the fault.
However, Bithumb “buying and selling companies have been down for about 1 hour and 40 minutes,” the newspaper defined.
Bithumb introduced September 3 that it could “totally compensate customers for losses incurred due to the buying and selling suspension.”
The alternate stated it now plans to “sequentially evaluate” buyer complaints and supply compensation for merchants who misplaced cash because of the outage.
Bithumb stated it hopes to full the evaluate and compensation course of within the area of “roughly one month.”
An alternate official stated a transaction system error brought on the issue. Bithumb stated: “The outage was not attributable to exterior elements like hacking. We are analyzing the main points of this technical error to guarantee this doesn’t occur once more.”
Do South Korean Exchanges Need to Shore up Their Systems?
The newspaper stated prospects had suffered “important disruption.” This follows main system errors at South Korea’s greatest exchanges throughout final yr’s martial legislation disaster.
Crypto markets skilled turmoil in early December 2024, after former President Yoon Suk-yeol tried to declare martial legislation.
Some merchants responded by promoting their crypto holdings, whereas others tried to “purchase the dip.”
The end result was a large and sudden surge of internet visitors to main exchanges, with many platforms seemingly unable to take the pressure.
“Repeated pc outages at main exchanges are fueling investor discontent,” Seoul Kyungjae wrote.
The crypto alternate Bithumb has made “important reductions” to the dimensions of its crypto lending companies amid ongoing considerations from monetary regulators.#Bithumb #CryptoRegulationshttps://t.co/J2iCgMS6Q8
— Cryptonews.com (@cryptonews) August 12, 2025
We Must Improve Legal System, (*100*) Industry Officials
Data compiled by the workplaces of the People Power Party lawmaker Lee Heon-seung has revealed that 89 instances of outages occurred on the nation’s 5 fiat-trading exchanges from 2018 to 2024.
Bithumb has experinced 41 of those outages, with its closest rival Upbit experiencing 28 instances. GOPAX has suffered from 11 outages within the interval, with Coinone reporting eight instances. Korbit skilled only one system-related outage between 2018 and 2024.
The newspaper bemoaned the truth that South Korea presently has no industry-wide authorized compensation requirements. As such, deadlines for reporting damages and compensation strategies presently “range tremendously from alternate to alternate.”
The newspaper quoted an unnamed South Korean crypto {industry} official as stating:
“The crypto market is very unstable and operates 24 hours a day. As such, even a couple of minutes of buying and selling interruption may end up in buyers making losses. We want to create a streamlined compensation system for damages attributable to exchanges’ pc system failures.”
Bithumb is aiming to go public on the NASDAQ inventory alternate in 2026. It has recently launched a spinoff company as part of its bid. This, Bithumb claims, has allowed it to divide its core alternate operations from its new enterprise arm.
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