Since its launch in October 2017, Upbit has established the industry-leading investors’ damages compensation policy to actively compensate for damages caused by unexpected system failures.
So far in 2021, Upbit has paid a total of 3.1 billion KRW in compensation for 2,397 damages caused by temporary system failures.
Please note that Upbit’s investor damage compensation policy is mainly classified into the following situations and the compensation plan will be decided based on the situations.
- After executing the buy order, the order was requested to be canceled due to a change of investment decision, but if the buy order was executed and sold without cancellation due to the systen failure, the difference will be compensated.
- If the investors’ investment decision was involved in the above situation and it took a certain period of time to sell, some, not all, will be compensated.
- If you receive a buy order but you reorder it at a higher price due to a failure, the difference will be compensated.
- If the investors have a buy order again after executing the sell order and making an unwanted sell due to an system error in the outstanding situation, the difference will be compensated.
- If the investors requested a sell order but the sell order has not been received due to the system failure, and the sell order has been re-received at a lower price and executed, the difference will be compensated.
- If the sell order itself is not put due to a system failure, the difference will be compensated between the sell amount attempted and the sell amount executed at a low price.
*However, all investors’ willingness to buy or sell must be objectively identifiable, except when order stabilization is to process orders/requests received first.
In the future, Upbit will make every effort to prevent failures and actively compensate investors in the event of damages through industry-leading self-regulation.