Bithumb, South Korean crypto exchange, has announced its recent win against an investor who had filed a lawsuit for the alleged hack of $355,000 from his account.

Reportedly, Ahn Park, a 30-year-old civil servant, had complained that his Bithumb account had been hacked causing him a loss of around $355,000 (400 million Korean won) on 30th November 2017. Thus, he had filed a suit against Bithumb complaining against its failure to offer security and safeguard his personal and financial data.

However, the allegation was proved to be false when it was stated that 10 SMS messages were sent to the investor regarding the withdrawals. As the investor did not receive them, hence it was difficult to claim that the account was hacked.

The judge gave his verdict stating that virtual currencies are volatile and cannot be used for buying goods as well. He said that investing in virtual currencies is risky and unpredictable. Hence, the claimant cannot file for the Electronic Financial Transactions Act against a crypto firm that functions without the permission of the Financial Services Commission of South Korea.