Court “Bitcoin investment damage, solicitor is not responsible for compensation”

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Victims who lost money after investing money because they were told that investing in’Bitcoin’ could yield high profits lost a lawsuit for damages filed against the person who recommended the investment.

The 2nd Civil Affairs Department of the Ulsan District Law (Presiding Judge Lee Jun-young) announced on the 27th that it had dismissed the plaintiff’s claim in an appeals trial for a loan claim filed against Mr. B by four people including Mr.

In December 2017, they heard an explanation of’Bitconnect’, a bitcoin investment company, from Mr. B, a younger brother of a friend C, who lives in Gyeongju, Gyeongsangbuk-do. Invested 10,000 won.

However, in January of the following year, when the BitConnect site was suddenly closed and all the investment funds were blown, it appealed when he lost the first trial lawsuit filed against Mr. B asking for the return of the investment funds.

In the appeal trial, Mr. A and others insisted that “Mr. B is liable for damages as there is a negligence that Mr. B explained only the high profit portion and did not properly inform the risk of investment,” but the court did not admit this.

The Court of Appeals said, “There is no evidence that Mr. B tricked the plaintiffs into investing or did not properly inform the risk of the investment.”