SK judge declares crypto exchange not liable for the victims’ losses

Lined Circle

Both parties, A and B met at the Civil Settlement Division of the Seoul Central District Court to hear the case.

B’s lawyer claimed that the exchange failed to monitor and protect its users from a phishing ring gang that convinced wallet owners to transfer their coins into the scammer’s wallet.

The scammers pretended to be public prosecutors, staff members from financial institutions, savings bank employees, and credit card company representatives to sound believable. It was a whole gang that managed to scam over 10 individuals.

The voice phishing scammers abused [the exchange’s] business model. It is difficult to believe that [the exchange] adopted its business model in an attempt to participate in or abet voice phishing scams.



The court listened to both parties and then finally gave a verdict:

Therefore, the judge ruled the exchange was not liable to pay for the victims’ losses.