November 29, 2021

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Norwegian Bitcoin exchange hack: Customers sued, but lost a lot

Norwegian Bitcoin exchange hack: Customers sued, but lost a lot

The hacker attack caused the Bitcoin exchange to stop all trading and sell cryptocurrency to clients to cover the loss. Later, general manager Ole-André Torjussen was sued by clients – and now a class action verdict has been issued. Writes E24.

Bitcoin Norway covered the loss for affected customers, but not for the exchange rate that existed the day before the forced sale, DN writes.

It should cover 2.2 million in legal costs

Therefore, they filed a lawsuit against the bitcoin exchange.

The lawsuit was unsuccessful. The Sur Rogaland District Court concluded that Torjussen acted prudently when he sold cryptocurrency to clients.

It’s a relief, but honestly, I definitely felt like winning the case, Turgusen tells E24.

The plaintiffs will now have to cover Turgusen’s legal costs of around NOK 2.2 million.

“We are disappointed with the outcome, but we will take the time to review the ruling now,” says Mary Pinko, one of their clients’ attorneys in the case, to DN.

25,000 customers

At the time of the hack, the Norwegian Bitcoin exchange had about 25,000 clients.

They used the Alphapoint Corporation of America trading platform. There were also those who were subjected to a large-scale attack. Hackers will be able to gain access to the company’s IT systems for several months.

It was one of the US banks that guaranteed part of the loss to affected customers.

– Funds likely to be paid next week have been secured. The guaranteed funds are sufficient to cover all the value of the customers’ inventory on May 7. In 2019, Torjussen reassured customers on Facebook when the hack was real and continued:

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– In addition, I am of course working to obtain confirmation of status from US Attorneys General, Alphapoint and Insurance.