Seoul Court Orders GDAC to Return 7.8 Million WEMIX Tokens to Wemade CEO
Odaily2024/07/31 04:10
By:Odaily
Odaily News The Seoul Central District Court ordered the closed virtual asset exchange GDAC on July 31 to return 7.8 million WEMIX tokens (worth about $7.31 million) to Wemade CEO Park Kwan-ho. The court supported Park Kwan-hos application for a temporary injunction on the delivery of virtual assets filed on July 29. If GDAC fails to comply with the order within 30 days, it will pay Park a fine of 3 million won per day from the expiration of the deadline. The court dismissed GDACs allegations that Park was suspected of market manipulation and money laundering, and pointed out that GDAC may have failed to maintain a 100% reserve ratio, which contradicts its previous statements. The court also hinted that the losses caused by the hacker attack of about 20 billion won (about $14.48 million) suffered by GDAC in April last year may not have been fully recovered. It is reported that GDAC terminated its services on July 16, resulting in Parks inability to withdraw the remaining WEMIX.
0
0
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Stake to earn
CEC, QTLX, GDV and other popular new coins are in hot progress!
Stake now!
You may also like
Risc Zero aims to bring blockchain security to ‘any’ off-chain app
Cointelegraph•2024/09/16 20:00
Market Embraces FET New Rival: AI Cybersecurity Coin GEGG Sells 1.9 Billion Tokens in 48 Hours
Newsbtc•2024/09/16 19:40
Trending news
MoreCrypto prices
MoreBitcoin
BTC
$57,808.46
-3.26%
Ethereum
ETH
$2,275.07
-3.54%
Tether USDt
USDT
$1
-0.01%
BNB
BNB
$531.91
-4.61%
Solana
SOL
$130.91
-1.65%
USDC
USDC
$1
+0.02%
XRP
XRP
$0.5860
+0.54%
Dogecoin
DOGE
$0.09893
-5.50%
TRON
TRX
$0.1486
-0.41%
Cardano
ADA
$0.3296
-3.49%
Bitget pre-market
Buy or sell coins before they are listed, including HMSTR, CATI, OGC, EIGEN, and more.
Trade now
Not a Bitgetter yet?Sign up now to embark on a journey into the crypto world!
Sign up now