Coinone Ordered to Compensate Client Loss From Hack

The decision of the Seoul District court may be really considered as a landmark
02 October 2019   629

Seoul District Court ordered Coinone bitcoin exchange to partially compensate the client for the amount of about $ 50,000, whose account was hacked by hackers. It is reported by the local edition of IT Chosun.

The affected client has been trading on the exchange since April 2017. As of November 2018, its deposits were estimated at about 58 million won ($ 48.3 thousand). However, on December 23, as a result of an account hack, his assets were almost completely stolen.

The hacker, using the Dutch IP address, gained access to the account, bought bitcoins and withdrew them from the exchange. The victim’s account has less than $ 5 left.

The client through the court demanded that Coinone compensate for losses of 58 million won, stating that the exchange was obliged to block transactions from foreign IP addresses. In addition, the amount of cryptocurrency transferred by a hacker exceeded the daily withdrawal limit set by the financial regulator of South Korea at $ 20 million, the plaintiff said.

The court agreed with part of Coinone's counterargument. He did not find the exchange guilty of account hacking and admitted that the site should not block foreign IP addresses.

At the same time, the court decided that Coinone is required to comply with the withdrawal limit, since the restriction is set not only to prevent money laundering, but also to protect customers from disruptions to the exchange. The court determined Coinone to pay compensation to the plaintiff at 25 million won.

The court decision creates a rather interesting precedent, despite the fact that the exchange was recognized as partially responsible for the incident, and the amount of compensation was much less than the claimant requested.

Brave Allows to Buy Crypto at Binance Inside the App

Now a widget on the tabs in the Brave browser gives users direct access to both the Binance US
25 March 2020   934

Decentralized browser Brave announced a partnership with the cryptocurrency exchange Binance. Now, Brave users will be able to buy cryptocurrencies on Binance simply by opening a new tab in the browser.

A widget has appeared on the tabs in the Brave browser, which gives users direct access to both the Binance main site and the site of the American division of the exchange. Users will be able to exchange cryptocurrencies, view their balance and receive addresses for depositing cryptocurrencies directly in the browser. At the same time, developers left the option to disable the widget in the settings.

The developers emphasized that the widget uses the Binance API and does not download any data from the exchange servers, so that user data is protected. The new feature is available in the desktop version of Brave Nightly, and in the main version of the program it will appear in April.

The Binance widget on Brave’s privacy-oriented browser instills a safer way to buy and sell crypto and also reduces user friction to onboard, trade and interact with the Binance ecosystem. We are looking forward to our long-term partnership with Brave to make it even easier to interact with crypto and encourage more utility in the near future.

 

Changpeng Zhao

CEO, Binance