Investor who sued Upbit over martial law-era system failure loses case

An Upbit user who sued the exchange's operator, Dunamu, for losses incurred during a system failure immediately following the Dec. 3, 2024, emergency martial law declaration has lost the case, Yonhap News reported. The user, identified by his surname Cho, filed six market sell orders for 43,551 XRP between 1:51 p.m. and 1:57 p.m. UTC on Dec. 3. He argued that while the market price was in the 3,000 won range at the time of his first order, a system disruption delayed the transaction, which ultimately executed at 1,727 won, resulting in a loss of over 55.44 million won (about $42,600). However, the court dismissed the claim, stating that it was unlikely the initial order would have been filled at the 3,000 won price, given the surge in sell orders that occurred in response to the martial law situation.