South Korean Crypto Exchanges See Rise in Complaints, More People Turn to Home Mining!

South Korean Crypto Exchanges See Rise in Complaints, More People Turn to Home Mining!

There was an x7.7 spike in the number of customer complaints lodged against South Korea’s four Biggest Crypto Exchanges last year as citizens in the nation are embracing crypto like never before. Meanwhile, crypto mining is also on the rise.

 

Yonhap announced that the information on complaints was put together by the Korea Consumer Agency to the workplaces of the MP Lee Joo-hwan of the resistance People's Strength Party.

 

The information shows that a formal of 232 proper buyer grievances was stopped to the organization last year from clients of the four trades - Upbit, Coinone, Korbit, and Bithumb.

 

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That number is an enormous ascent from only 24 cases in 2019 and 30 cases in 2020. The majority of the grumblings were stopped against Coinone (130 cases), trailed by Upbit with 74 cases, Bithumb with 17 cases, and Korbit with 11 cases.

 

Lee, a part of the National Assembly’s Committee on Small and Medium Ventures, was quoted as complaining: “Even though crypto-related consumer damage is increasing every year, there is virtually no protection provided for [crypto] users.”

 

 

However, the rise in complaints may have something to do with the fact that the four trading platforms’ user bases ballooned last year. By the end of 2021, a combined 12.02m customers – over 23% of the population – had opened wallets at the four trading platforms.

 

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The value of combined daily transaction figures for the four trades, the news source noted, had hit the USD 3.4bn imprint.

 

Additionally, regardless of the way that the public energy firm last year expanded power costs without precedent for eight years, the quantity of individuals presently mining crypto in the nation likewise rose.

 

While only 28 shipments of mining rigs were accounted for in 2020, that figure rose to 453 shipments in 2021. Albeit this addresses a simple small detail in the worldwide mining picture, it shows that home mining is on the ascent in the country - a nation where customary energy assets are nearly non-existent.

 

The figures showed that since the body started gathering information in 2017, home diggers have spent over USD 50.2m on rig imports.

 

Lee required the public authority to react with "dire countermeasures" for crypto excavators - reasonable higher rates for those running home mining arrangements.

He expressed:

“The electricity bills of people running Virtual Currency Mining machines are three to four times higher than those of ordinary households.”