[Bitcoin Now] Bithumb: "Automatic Repayment Triggered in Lending Service Due to Tether Surge... Full Compensation Provided"

Virtual asset exchange Bithumb will fully compensate users for losses incurred when the automatic repayment feature was triggered in its coin lending service due to a sudden surge in Tether (USDT) prices.

According to the virtual asset industry on October 14, Bithumb announced through a notice the previous day, "We sincerely apologize for the inconvenience caused to some users due to the sharp price increase."

On Bithumb, the price of one Tether spiked from the mid-1,400 won range to as high as 5,755 won in a matter of minutes between 6:22 and 6:25 a.m. on October 11, amid escalating concerns over US-China trade tensions.

Bithumb stated, "We recognized that the automatic repayment feature of the coin lending service was triggered due to the sudden market volatility," and added, "We will fully support and compensate all losses suffered by affected members."