South Korean court orders crypto exchange to return the funds of 11 former crypto-traders
A South Korean court ordered the Coinrail Crypto exchange company to give compensation to their former Conrail users against past hacking attacks.
Coinrail is a Korean crypto exchange, however, at present, this exchange doesn’t exist because of hacking issues. In the past, this exchange got hacked by some hackers and then this exchange went offline and said they will return the fund to their users as a part of compensation but never did the same what they promised.
Regarding this matter, 11 people filed a lawsuit against the Coinrail exchange’ company Linus Co. According to the demand of the plaintiffs, Coinrail should give their 380 million Korean won (about US$320,000).
As we know, legal cases are part of a systematic and slow process, so after that long term court reaches judgement day. Court judge said that according to the terms and conditions of the Coinrail exchange, the company is under pressure to give compensation.
However, Court said that the hacking attack on the Coinrail exchange was an incident and behind the attack, Coinrail is not responsible. But the company behind the Coinrail is ordered to pay the plaintiff’s fund as per Coinrail’s terms and conditions.
However, an intelligence police team of South Korea recovered around 1360 ETHEREUM coins, which was part of the hacking attack on Coinrail. These 1360 ETH were retrieved from the crypto wallet account users from Latin America.
Crypto Exchange vs Hack
In the present time, Hacking in the DeFi projects is a very common thing and here we can say there is a need for improvement and also need time to evolve.
But there was a time in the beginning phase of the origin of the crypto market in 2011. At that time, many hacking attacks took place on the traditional exchanges and that turned into a high-level financial loss for the crypto exchanges. Here is the list of the biggest crypto exchange hacks in crypto history.
In the present time, crypto exchanges are highly secured and hacking attacks are rare things.
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