The Korean communications Commission has fined Bithumb $60 million

The Korean communications Commission (CCK) has fined the largest cryptocurrency exchange in the country Bithumb $60 million, accusing her of leaking users ‘ personal data.

As reported by local publication Yonhap, this case – first, when South Korea has taken punitive measures against cryptocurrency exchanges.

«The Commission also recommended to punish the responsible persons on the exchange – emphasizes Yonhap. – In addition, KKS ordered the company to take steps to ensure that in the future there were no violations.»

KCC explained that in accordance with applicable Law networks in the field of information and communications, fines based on average sales of BTC in the period from 2014 to 2016, which amounts to 2.72 billion won. However, experts believe that this settlement is not appropriate, the penalty is too small, given the sharp rise of cryptocurrency transactions.

According to the KCC, the Commission plans to amend legislation and increase the penalties for companies which confidential customer information enters the network.

According to KCC, hackers twice stole users ‘ personal information Bithumb. The study, conducted by the Agency Korea Internet & Security Agency (KISA) showed that from Bithumb «leaked» information 31506 customers in April and 3434 customers in July.

«The vulnerability occurred due to a failure to comply with the exchange rules of confidentiality and were directly or indirectly used by a hacker. Had suffered monetary loss,» explained KCC.

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