Seoul Court Orders GDAC to Return 7.8 Million WEMIX Tokens to Wemade CEO
On July 31st, the Seoul Central District Court ordered the closed virtual asset exchange GDAC to return 7.8 million WEMIX tokens (worth about $7.31 million) to Wemade CEO Park Kwan-ho. The court supported Park Kwan-ho's temporary injunction request for virtual asset delivery submitted on July 29th. If GDAC fails to comply with the order within 30 days, it will be fined 3 million Korean won per day to be paid to Park after the deadline. The court dismissed GDAC's allegations of market manipulation and money laundering against Park and pointed out that GDAC may not have maintained a 100% reserve ratio, which contradicts its previous statements. The court also hinted that the losses caused by the approximately 20 billion Korean won (about $14.48 million) hacking attack suffered by GDAC in April last year may not have been fully recovered. It is reported that GDAC terminated its service on July 16th, causing Park to be unable to withdraw the remaining WEMIX.
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