{"id":15477,"date":"2019-10-14T13:55:54","date_gmt":"2019-10-14T12:55:54","guid":{"rendered":"http:\/\/www.fiveminutesspare.com\/news\/?p=15477"},"modified":"2019-10-14T13:55:54","modified_gmt":"2019-10-14T12:55:54","slug":"crypto-exchange-must-cover-users-stolen-cryptocurrency","status":"publish","type":"post","link":"https:\/\/www.fiveminutesspare.com\/news\/crypto-exchange-must-cover-users-stolen-cryptocurrency\/","title":{"rendered":"Crypto Exchange Must Cover User\u2019s Stolen Cryptocurrency"},"content":{"rendered":"<p><strong>A South Korean court ruled on the 25th of September that the CoinOne cryptocurrency exchange must reimburse 25 million won ($20,800) to an investor after his wallet was hacked, and a large amount of cryptocurrency was stolen.<\/strong><\/p>\n<p>The hacker used the investor\u2019s personal login and password to steal 45 million won, while a daily withdrawal limit of 20 million won was meant to be in place.<\/p>\n<p>The theft, occurred in late December 2018, when the investor\u2019s CoinOne exchange login details were stolen by a hacker who had hidden their IP address using a VPN in the Netherlands. The attacker converted all of the investor&#8217;s cryptocurrency holdings into Bitcoin, which was then sent out to a different wallet.<\/p>\n<div style=\"width: 624px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/news.bitcoin.com\/wp-content\/uploads\/2017\/06\/shutterstock_632713022.jpg\" alt=\"Image result for btc\" width=\"614\" height=\"409\" \/><p class=\"wp-caption-text\">The damages are being covered by CoinOne.<\/p><\/div>\n<p>The total value of the cryptocurrencies stolen had been around 47.7 million won in late November 2018. However, there was a 20 million won daily withdrawal limit on the account, which should have prevented the full amount from being taken.<\/p>\n<p>The investor argued in court that the exchange should have been alerted to the new IP, which was a large distance away from where the user usually logs in. However, the court ruled that this was not a necessary safeguard that the exchange should reasonably have employed.<\/p>\n<p>On the failure of the withdrawal limit though, the court ruled that the exchange was responsible, and, therefore, must pay the investor to cover the additional losses over this limit.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A South Korean court ruled on the 25th of September that the CoinOne cryptocurrency exchange must reimburse 25 million won ($20,800) to an investor after his wallet was hacked, and a large amount of cryptocurrency was stolen. The hacker used the investor\u2019s personal login and password to steal 45 million won, while a daily withdrawal&#8230;<\/p>\n","protected":false},"author":57,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_bbp_topic_count":0,"_bbp_reply_count":0,"_bbp_total_topic_count":0,"_bbp_total_reply_count":0,"_bbp_voice_count":0,"_bbp_anonymous_reply_count":0,"_bbp_topic_count_hidden":0,"_bbp_reply_count_hidden":0,"_bbp_forum_subforum_count":0,"om_disable_all_campaigns":false,"footnotes":""},"categories":[8],"tags":[1341,1728,556,1729,1731,1301,1730,49,967,71,1568],"class_list":["post-15477","post","type-post","status-publish","format-standard","hentry","category-worldwide-news","tag-bitcoin","tag-btc","tag-crime","tag-crypto","tag-crypto-news","tag-cryptocurrency","tag-cryptocurrency-news","tag-finance","tag-korea","tag-news","tag-south-korea"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/posts\/15477","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/comments?post=15477"}],"version-history":[{"count":1,"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/posts\/15477\/revisions"}],"predecessor-version":[{"id":15479,"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/posts\/15477\/revisions\/15479"}],"wp:attachment":[{"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/media?parent=15477"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/categories?post=15477"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.fiveminutesspare.com\/news\/wp-json\/wp\/v2\/tags?post=15477"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}