The largest Korean exchange, Upbit, announced its intention to compensate for losses to users who, due to the failure of KakaoTalk, lost the opportunity to make transactions in a timely manner.
As it became known to the media, Kakao’s servers were disabled as a result of a fire in a data center in Pangyo on Saturday. Due to the untimely operation of the backup system, the KakaoTalk messenger and related services offered by Upbit became unavailable.
According to CoinGecko, before the shutdown, the trading volume of cryptocurrencies on the platform for 24 hours was 1.34 trillion won (about $940 million), and the next day it fell by almost half. As a reminder, the Upbit exchange only allows crypto traders to log into the trading platform through KakaoTalk accounts.
In order to be compensated, traders must provide information about their crypto assets, sales records, and the reason they believe they suffered a loss. Users who do not claim losses but confirm that they were unable to login via KakaoTalk will receive three days of free trading.
Earlier, the Upbit exchange announced changes to the customer verification system. Due to mandatory anti-money laundering (AML) requirements, from October 6, the withdrawal of user assets without identification from 1 million won was limited, and from October 13, services for such clients were completely stopped.
Source: Bits
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