Latest news with #Coinone
Yahoo
17 hours ago
- Business
- Yahoo
Crypto Exchange Coinone Wins South Korean Court Battle Over Doubled Bitcoin Withdrawals
Coinone won an appeal to force five of customers to return bitcoin (BTC) they managed to double withdraw from the South Korean crypto exchange over a glitch in 2018. According to local media, the Seoul Western District Court's second civil division said the traders benefited from 'unjust enrichment' because the exchange had already completed the first withdrawal on-chain before its server restored their balances. The mix-up began when Coinone's software flagged slow confirmations from the Bitcoin network as failed transactions, and automatically topped up users' accounts even after the withdrawals were properly processed. The traders then withdrew same coins again. The Bitcoin network experienced significant congestion back around that time as transaction volumes skyrocketed, in the culmination of a years-long scaling debate that had led to the Bitcoin Cash (BCH) hard fork a year earlier. At the time, the average transaction fee on the Bitcoin network reached a then-record $55, while the memory pool, a sort of 'waiting room for transactions,' grew to 250,000 unconfirmed transactions. A lower court initially blamed Coinone's own servers and ordered the payment of only partial damages. On appeal, judges called the network delay an outside event, said the platform need not shoulder the loss and told the users to repay the funds. Coinone has faced controversy in the past. In a separate trial in 2023, former employees admitted receiving as much as 2 billion won (around $1.46 million) to list tokens.
Time of India
a day ago
- Business
- Time of India
Cryptocurrency Live News & Updates : Coinone Prevails in Court Over Bitcoin Withdrawal Dispute
03 Jul 2025 | 11:55:12 PM IST Coinone successfully appealed a ruling, requiring five customers to return bitcoin that was mistakenly withdrawn twice due to software errors during network congestion. In a significant legal victory, Coinone has won an appeal that mandates five customers to return bitcoin that was erroneously withdrawn twice due to a software glitch during a period of heavy network congestion in late 2017 and early 2018. This incident highlights the challenges exchanges face during peak transaction times. Meanwhile, Nasdaq-listed Riot Platforms reported a 12% decline in Bitcoin mining output for June 2025, mining only 450 BTC compared to 514 BTC in May, while increasing its total holdings to 19,273 BTC. In another development, Tether has partnered with Adecoagro to utilize renewable energy for Bitcoin mining in Brazil, aiming to stabilize power grids and enhance crypto adoption. Tether's CEO emphasized the importance of integrating agricultural energy production with digital infrastructure. Additionally, BlackRock's IBIT ETF has emerged as the third highest revenue-generating fund, showcasing the growing interest in cryptocurrency investments. Lastly, RICH Miner is simplifying cloud mining, offering users real-time passive returns and a secure platform, appealing to a diverse range of investors looking for low-risk asset growth. Show more
Yahoo
15-05-2025
- Business
- Yahoo
Crypto Exchanges Flock to List NXPC, Token Surges 115% on $1B Volume
Several exchanges including Binance and Korean platform Coinone have listed NEXPACE (NXPC), leading to a 115% surge in the token's value on the back of $1 billion in trading volume in the first three hours of trading. NEXPACE is a PC role-playing game that features on-chain item ownership. It is the the blockchain arm of South Korean video game developer Nexon. Binance Alpha users that have accumulated 187 Alpha points can claim 198 NXPC, worth $629 at current prices. Points are accrued by holding crypto tokens on the Binance exchange or in the Binance wallet. Binance's Alpha product is a way of distributing newly-launched tokens to users by accumulating points. It caused a stir in December when the platform's Chinese social media channel unintentionally posted a list of tokens that would potentially be launched, prompting the tokens to spike then crash back down. NXPC has debuted at a $550 million market cap with a fully diluted value (FDV) of $3.2 billion. FDV is calculated by multiplying the total supply by asset price, whilst market cap only considers circulating supply. More than $240 million of the $1 billion trading volume took place on Binance, with traders on Korean exchange Upbit also racking up $100 million worth of volume. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
