Seoul Court Orders GDAC to Return 7.8 Million WEMIX Tokens to Wemade CEO

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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.

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