Crypto: An investor sues the Upbit exchange

A crypto investor reportedly recently filed a lawsuit against digital asset exchange Upbit in Korea. According to its complaint, the exchange delayed processing for the transfer of its LUNA cryptocurrencies to a Binance wallet. This, before the ecosystem collapses.

A transfer problem on the Upbit crypto exchange

The Upbit cryptocurrency exchange is managed in South Korea by the company Dunamu Inc. It is the target of a lawsuit by an investor whose name has not yet been revealed. He is suing the company that allegedly delayed the transfer of his funds in LUNA before the collapse of this digital asset. This is what the daily reports Korea Joongang Daily.

The investor allegedly argues that crypto exchange Upbit did not process its loan fast enough. 156 million won transfer, or $112,477. As a result, following the collapse of the LUNA system, he would have lost all that money, due to the exchange. Concretely, it is the court of the central district of Seoul which will hear the case. In his complaint, the investor indicates that he initiated a transfer of 1310 LUNA tokens on March 24 from his Upbit wallet to a Binance wallet.

LUNA concerned

The day after the transaction, while the value of LUNA had collapsed to approach 0, Binance informed the investor that his coins had been returned to him due to a problem during the transfer. However, the coins were no longer visible in his Upbit wallet. In other words, his funds did not appear on his Binance wallet or the wallet he has with Upbit.

The investor’s attorney reports that his client contacted Upbit 27 times in an effort to find out when his cryptos would be returned to him. The lawyer added that each time, the cryptocurrency exchange guarantees him that the Transfer processing was still in progress. However, until the day of filing the application, the investor has not received anything.

The Upbit cryptocurrency exchange managed by the company Dunamu Inc. finds itself in a delicate position with respect to an investor. The latter launched a legal action against her because of a delay in processing a transaction. The investor lost a lot of money. At this time, it is difficult to predict the outcome of this litigation.

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