Fantom Foundation received a stunning legal victory in its lawsuit against Korean food tech startup SikSin and CEO Byung-Ik Ahn. In a notable decision, the Civil Division 19-3 of the Seoul High Court ruled in Fantom Foundation’s favor, overturning the lower court’s verdict.
According to a blog post, the 3-judge panel of the High Court also dismissed all claims brought by the plaintiffs and mandated that they cover all litigation expenses.
Fantom’s Legal Victory and Court Ruling
The legal battle concerned allegations of unmet service agreements and plagiarism. In an earlier judgment, the Seoul Central District Court had ruled in favor of SikSin, awarding them over 198 million FTM. As per the service agreement, they were related to the technical implementation of the Fantom Project within the food technology sector in South Korea.
The Seoul High Court ruled that SikSin and Ahn did not fulfill their contractual duties. These include the integration of Fantom’s technology into the food tech industry and the creation of a viable technical paper for the Lachesis Protocol.
This is another significant win for Fantom following its victory in a default judgment against Multichain, earlier in March. The firm in that instance had requested a Singapore High Court to pronounce Multichain Foundation bankrupt.
Fantom’s Head Lauds Landmark Victory
Meanwhile, the court also indicted SikSin for engaging in plagiarism as it related to their technical paper. Notably, the High Court’s reversal exonerates Fantom Foundation and signals the company’s dedication to the integrity and independence of its blockchain technology.
Remarking on the court’s decision. Fantom CEO Michael Kong expressed his appreciation for the meticulous examination of facts presented before it. On its part, RosettaLegal, representing Fantom, maintained that although the case had some technicalities, the ruling has helped to clarify the situation.
Market Reacts Positively
Fantom, a scalable blockchain platform for DeFi, crypto dApps, has in recent times improved its network by engaging in crucial upgrades. One of such was the Directed Acyclic Graph (DAG) protocol newly onboarded to Google Cloud as one of its major node validators. Google Cloud functions to stimulate the Fantom platform as well as carry out validation.
Data from CoinMarketCap shows Fantom’s (FTM) trading at $0.5826, reflecting a 1.71% increase in the past hour following the news release.
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