Bithumb to Launch Payment Service is Qoo10

Qoo10, also known as the “Asian Amazon”, is a giant of online commerce operating in Singapore, Hong Kong, China and Indonesia
08 November 2018   324

Bithumb reported that it had entered into an agreement with Qoo10 to create a service for paying for goods and services using cryptocurrencies. This is reported by Cointelegraph.

Qoo10, also known as the “Asian Amazon”, is a giant of online commerce operating in Singapore, Hong Kong, China and Indonesia. The press release also says that within the framework of cooperation, the Bithumb payment service will be expanded for use around the world.

The partnership with Qoo10 has made it possible for us to utilize the Bithumb cache beyond our home country and abroad for real life. We will continue to improve our services to improve customer convenience.
 

Bithumb

The companies signed a corresponding agreement back in August, after which they started working on settlement services as part of the Qoo10 service and the Bithumb Cache system. The Bithumb settlement service was introduced in the spring and allows exchange customers to exchange crypto assets and use them for payments.

Thanks to a new partnership, consumers will be able to buy Qoo10 products using the Bithumb Cache service.

Bithumb to Win Court Case of User’s $355K Hack

The court also noted that cryptocurrencies are "mainly used as speculative means, so it cannot be regarded as an electronic means of payment."
27 December 2018   299

The South Korean court ruled in favor of the Bithumb exchange in a case of theft of a cryptocurrency worth $ 355,000 from its client. The court concluded that the platform has taken all necessary precautions, reports CoinDesk.

In November, an exchange customer placed 478 million Korean won on his account. After that, the hacker allegedly gained access to his account and exchanged fiat currency for Ethereum. Bithumb processed these transactions and as a result, the client’s account left 11 cents in cryptocurrency and one dollar in Fiat.

The affected client of the exchange suggested that the consequences of a hacker attack on the platform in 2017 could result in loss of fund.

Considering that Bithumb offers similar services to the financial sector, it requires a high degree of security measures required by financial institutions.
 

User's Lawsuit

Representatives of the exchange, in turn, said that Bithumb is not a financial institution and is not obliged to compensate for the damage.

According to the Electronic Financial Transactions Act, Bithumb is not responsible for compensation because it is not a financial company, an electronic financier, or an electronic financial assistant. … Since we have strengthened our security policy since the leak of personal information, we have fulfilled our obligation to be a diligent manager.
 

Bithumb's Reply

The decision of the court says that Bithumb sent 10 SMS-notifications about the withdrawal of funds from client's account, thereby warning about the danger. The judge ruled out the connection of last year’s Bithumb hacking with the leakage of client data, adding that the victim himself could transfer personal information to the attackers.

The court also noted that cryptocurrencies are "mainly used as speculative means, so it cannot be regarded as an electronic means of payment."

In December, Bithumb commented on new allegations of overstated trading volumes.