A South Korean court has ruled in favor of Wemade CEO Park Kwan-ho, ordering GDAC crypto exchange to return 7.8 million WEMIX tokens, worth $7.31 million. This comes after GDAC failed to comply with a previous court ruling in July. The court rejected GDAC's challenge and ordered the platform to return the tokens within 30 days, or face a daily penalty of $3 million. The court also dismissed GDAC's allegations of market manipulation and money laundering against Park. The ruling highlights the challenges faced by investors and exchanges in the unregulated crypto space. It also increases pressure on defunct exchanges to comply with legal and regulatory standards.
- Content Editor ( coinedition.com )
- 2024-09-26
South Korean Court Orders Defunct GDAC to Return $7.3M in WEMIX to Wemade CEO