The South Korean court's ruling in favor of Coinone requires users to return excess Bitcoin mistakenly withdrawn due to a system glitch in 2018.
Coinone's Court Victory
In May, a Seoul court ordered users who received duplicate Bitcoin withdrawals due to a system error in 2018 to return the excess funds. This ruling marks a significant milestone in cryptocurrency law.
What Happened in 2018?
The incident occurred in October 2018 when some users were able to execute duplicate Bitcoin withdrawals. Prices at that time fluctuated between 7.08 and 7.87 million won per Bitcoin, highlighting the technical error that allowed users to gain more Bitcoin than they were entitled.
Implications for Crypto Exchanges
The court ruling underscores that traditional legal norms apply in the cryptocurrency realm. Exchanges now have the right to reclaim funds mistakenly withdrawn by users, necessitating robust security systems.
The court ruling affirms that users are responsible for erroneously received funds, highlighting the importance of adhering to legal norms within the cryptocurrency space.
