In South Korea, the Seoul Central District Court ruled in favor of Wemade CEO Park Kwan-ho in a high-stakes dispute over the WEMIX altcoin. The court ordered the bankrupt crypto asset exchange GDAC to return 7.8 million WEMIX tokens worth approximately $7.31 million. This decision highlights critical issues such as exchange operations, regulatory compliance and investor protection in the crypto asset world.
Court Decision in Altcoin Dispute
In a significant legal development for the cryptocurrency industry, the Seoul Central District Court ordered that shuttered crypto asset exchange GDAC return 7.8 million WEMIX altcoins belonging to Wemade CEO Park Kwan-ho worth approximately $7.31 million. He ordered him to do it. This decision supports Park's request for interim measures filed on July 29 and requires GDAC to pay a daily penalty of 3 million won (about $2,300) if it does not comply with the order within 30 days.
The court rejected GDAC's allegations of market manipulation and money laundering against Park. Instead, he raised questions about the exchange's ability to maintain a 100% reserve ratio, contradicting the exchange's previous statements. He also pointed out that the hacker attack that GDAC experienced in April 2022, which caused losses of approximately 20 billion won (approximately $14.48 million), could negatively affect the stock market's ability to recover and maintain sufficient reserves.
Cryptocurrency Lawsuits Continue in South Korea
GDAC ceased operations on July 16, just days before the 'Crypto Asset User Protection Act' came into force. This closure left Park unable to withdraw his remaining WEMIX tokens, and the value of these tokens is currently estimated at approximately 10.1 billion won. This case brought significant attention to the practices of crypto exchanges in cases of closure or delisting. Usually, exchanges allow full withdrawals in such cases, but GDAC's implementation of withdrawal limits has raised doubts about whether all of the exchange's customers hold WEMIX tokens. This decision could have significant broad implications for the cryptocurrency industry in South Korea, particularly regarding exchange practices and regulatory compliance. WEMIX price experienced a 3-4% increase following the court decision.
Legal processes against Daniel Shin continue. At the first hearing at the Seoul Southern District Court, Shin's lawyers requested more time for his criminal defense. Shin did not attend the hearing and assembled a 30-person team for his defense, consisting of former judges, prosecutors and lawyers experienced in crypto assets and capital markets law cases. The court accepted this request and set August 28 as the second hearing date. This frustrated prosecutors, who were worried about constant delays. The judge stated that he would review the attorneys' submissions and reassess the trial preparation date to determine the opportunity for defense and the order of questioning.
These two cases represent an important turning point for the cryptocurrency industry in South Korea. While the WEMIX token dispute highlights the importance of crypto exchanges' operational transparency and regulatory compliance, the Terra case highlights the complexity of legal processes related to crypto assets and the role of the rule of law in the industry. The dynamic structure of the cryptocurrency world makes the effects of such legal and regulatory developments on the industry more evident.
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