South Korea’s crypto exchange platform, Upbit, has announced that it would replace its KakaoTalk login system in November. The firm is recovering from the latest fire incident, which damaged Kakao’s data centre.
Dunamu Set To Switch From KakaoTalk’s Login Service On November 21st
As per the report, Dunamu, the mother firm of South Korean-based crypto exchange, Upbit, said it would replace KakaoTalk’s login service using its system on November 21st.
In addition, a Dunamu spokesperson said the platform would adopt the service on October 31st. However, the full kick-off will occur on November 21st. This will end the login service using Apple ID and KakaoTalk.
The recent news comes after Dunamu said it would compensate users who lost funds due to Kakao’s service malfunction. The KakaoTalk service disruption occurred on October 15th and lasted for over 20 hours till October 16th.
Several users complained that they could not trade tokens and coins due to the incident. Meanwhile, the new login service promises to offer more protection and security to users.
Furthermore, only the Upbit crypto exchange used Apple ID and KakaoTalk for the social login service. Other crypto exchanges – Coinone, Korbit, Bithumb, and Gopax use the normal ID-password login feature.
Several users had joined Upbit due to the convenience of its social login feature. KakaoTalk enjoyed a huge monopoly, with over 45.6 million individuals out of 52 million using its services.
Dunamu To Compensate Affected Users
According to the Dunamu representative, while the new Kakao saga impacted Upbit’s trading activity, the firm had scheduled the switch of its social login system way before the latest incident.
The representative added that they chose KakaoTalk’s login service because customers can promptly log out of the messaging app using other gadgets if they lose their handsets. However, the firm had been preparing the changeover for some time, with the initial notice appearing on its site on September 30th.
Further, Dunamu said it would pay the affected users on November 7th. These users are those who could not log in using KakaoTalk from 3:20 pm on October 15th to Sunday at 11:05 am.
The users will receive their compensation in BTC using its October 31st closing price. However, such users have to submit a receipt that proves their losses from now until October 22nd. Meanwhile, the official notes that the losses incurred are still unknown.
The KakaoTalk Fire Incident
On October 15th, a Twitter user, @100y_eth, reported that some customers could not access Upbit, the biggest Korean CEX, due to the downtime of the Kakao service.
Reports alleged that the fire which attacked the SK C&C building in Gyeonggi began at about 3:33 pm. This building housed the data centres for Kakao and Naver.
The primary Kakao services, such as Kakao Bank, Kakao T, and Kakao Talk, were unavailable. According to the company, an unexpected fire incident at its data centre led to the shutdown of this service.
In addition, Kakao stated on Saturday that the repair might last throughout the night. The day after the incident, Kakao services still generated errors shutting out several users.
Furthermore, service failures also occurred at Kakao Games and Kakao Pay. Meanwhile, Naver, the renowned South Korean platform which provides technologies for SMEs, said it witnessed partial disruptions which affected its shopping services.