The South Korean crypto change Bithumb says it should compensate prospects who had been affected by an outage that took the platform offline for about 100 minutes on September 2.
The South Korean newspaper Seoul Kyungjae reported that the platform went down “all of the sudden” at 11:27 PM KST on September 2.
Bithumb confirmed pc system-related issues triggered the disruption, moderately than an exterior hacking try.
Bithumb Outage: What We Know
The change defined that order executions had been delayed, with its order ebook frozen. Bithumb mentioned that its engineers “instantly started system upkeep” after detecting the fault.
Nonetheless, Bithumb “buying and selling companies had been down for roughly 1 hour and 40 minutes,” the newspaper defined.
Bithumb introduced September 3 that it might “totally compensate customers for losses incurred because of the buying and selling suspension.”
The change mentioned it now plans to “sequentially overview” buyer complaints and supply compensation for merchants who misplaced cash on account of the outage.
Bithumb mentioned it hopes to finish the overview and compensation course of within the house of “roughly one month.”
An change official mentioned a transaction system error triggered the issue. Bithumb mentioned: “The outage was not attributable to exterior components like hacking. We’re analyzing the main points of this technical error to make sure this doesn’t occur once more.”
Do South Korean Exchanges Have to Shore up Their Techniques?
The newspaper mentioned prospects had suffered “important disruption.” This follows main system errors at South Korea’s largest exchanges throughout final yr’s martial regulation disaster.
Crypto markets skilled turmoil in early December 2024, after former President Yoon Suk-yeol tried to declare martial regulation.
Some merchants responded by promoting their crypto holdings, whereas others tried to “purchase the dip.”
The consequence was an enormous and sudden surge of net site visitors to main exchanges, with many platforms seemingly unable to take the pressure.
“Repeated pc outages at main exchanges are fueling investor discontent,” Seoul Kyungjae wrote.
The crypto change Bithumb has made “important reductions” to the size of its crypto lending companies amid ongoing considerations from monetary regulators.#Bithumb #CryptoRegulationshttps://t.co/J2iCgMS6Q8
— Cryptonews.com (@cryptonews) August 12, 2025
We Should Enhance Authorized System, Say Business Officers
Information compiled by the workplaces of the Individuals Energy Social gathering lawmaker Lee Heon-seung has revealed that 89 circumstances of outages occurred on the nation’s 5 fiat-trading exchanges from 2018 to 2024.
Bithumb has experinced 41 of those outages, with its closest rival Upbit experiencing 28 circumstances. GOPAX has suffered from 11 outages within the interval, with Coinone reporting eight circumstances. Korbit skilled only one system-related outage between 2018 and 2024.
Bread costs in Korea have been rising, including to customers' monetary burden amid the inflation of meals costs. The persistent rise got here to the fore after a preferred YouTuber offered bread for 990 received (70 cents), sparking a debate over the present costs.https://t.co/xtLdgIjjtB
— The Korea JoongAng Day by day (@JoongAngDaily) September 3, 2025
The newspaper bemoaned the truth that South Korea at the moment has no industry-wide authorized compensation requirements. As such, deadlines for reporting damages and compensation strategies at the moment “differ enormously from change to change.”
The newspaper quoted an unnamed South Korean crypto {industry} official as stating:
“The crypto market is very unstable and operates 24 hours a day. As such, even a couple of minutes of buying and selling interruption may end up in traders making losses. We have to create a streamlined compensation system for damages attributable to exchanges’ pc system failures.”
Bithumb is aiming to go public on the NASDAQ inventory change in 2026. It has just lately launched a by-product firm as a part of its bid. This, Bithumb claims, has allowed it to divide its core change operations from its new enterprise arm.
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