2024.08.09
Investor Wins Landmark $100M Case Against Upbit Over Delayed Crypto Transfer Before Luna Crash
An investor successfully sued Dunamu, the operator of the Upbit exchange, for failing to promptly return 1,310 Lunar Coins before the 2022 Luna-Terra crash. The Seoul Central District Court ruled partially in favor of the investor, Lee, who sought 156 million won in damages. The court found Upbit liable for delaying the return of the coins, which led to significant financial loss after their value plummeted. This case is the first to hold an exchange accountable for damages related to the Luna-Terra crash, highlighting the need for better systems to handle such errors.
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