Bitcoin reporting in march
Upbeat, Bithumb, etc.
Difficulty acknowledging liability for compensation at the exchange
Need to pay attention to virtual asset investors
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While Bitcoin is being reported on a daily basis, domestic virtual asset (cryptocurrency) exchanges are complaining about users due to successive server failures. Due to the nature of highly volatile virtual assets, damage can be serious if users fail to trade in real time when they want.
According to CoinMarketCap, a virtual asset market relay site on the 16th, bitcoin was traded at around $49,000 (about 5,396 million won) per piece at 3:45 pm on the same day. In the domestic exchange Upbit, bitcoin was traded for 5381 million won at the same time. Virtual assets are traded in units of exchanges, so even for the same type of assets, the market price varies by exchange.
Bitcoin hit the highest price again the day before, soaring to $49,708 (about 54,480,000 won). It is the fifth time this month. Bitcoin surpassed the $42,000 level in the beginning of last month and then plunged below $30,000, followed by a steep rise again in a month.
At the time, the price of Bitcoin plunged in the aftermath of the negative remarks by Treasury Secretary Janet Yellen of the US administration Joe Biden, “there is a fear that the virtual asset could be used to launder money by terrorists.” Afterwards, Tesla’s CEO Elon Musk declared himself a “Bitcoin supporter”, and the news that Tesla bought bitcoin worth $1.5 billion (approximately 1.61 trillion won) jumped again. In addition, on the 11th (local time), Mastercard announced that it plans to include some virtual assets in its payment system, and the rising trend continues as the Miami market in Miami, Florida, in the United States, announced that it would consider how to pay taxes in bitcoin.
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As the interest in virtual assets increased and the number of users exploded, the problem of server failures in domestic exchanges also emerged. According to the industry, Upbit, which has the largest number of active users in Korea, stopped the KRW deposit/withdrawal service for about 30 minutes due to a server problem on the 15th. After restoring the service, Upbit announced through its homepage that “the deposit and withdrawal during working hours will be reflected sequentially.”
Another large domestic virtual asset exchange, Bithumb, also recently complained of a connection failure. According to the industry, users of Bithumb suffered a problem that they could not access the exchange for about 2 hours from 9 PM on the 1st. It is reported that the price of Ripple, the sixth largest virtual asset in the global market capitalization, plummeted, resulting in a surge in user access.
Server insecurity is a chronic problem of virtual asset exchanges. Unlike stocks, virtual assets can be traded 24 hours a day, and there is no upper or lower limit system. For this reason, when the price rises or falls sharply, a large number of users may flock and the transaction volume may increase infinitely. Exchanges are taking measures such as expanding servers and increasing the minimum order amount to handle this, but this is not enough.
Exchange failure is a problem that users should be aware of when considering investing in virtual assets. This is because there is a precedent that investors who suffered losses from Bithumb’s computational disorder in 2017, when the bitcoin craze hit earlier, claimed damages and lost. At that time, investors filed a compensation amount of 11.3 billion won, claiming that they suffered losses due to a sharp drop in the price of virtual assets during the 1 hour and 30 minute transaction was interrupted, but the court said, “The operator does not take reasonable measures to prevent computer failure. It is difficult to admit that it has not been done,” he raised the hand of the exchange.
An official in the industry said, “Exchange access is a chronic issue not only domestically, but also overseas.
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