South Korea’s Seoul High Court Rules in Favor of Fantom Foundation Over Network Development’s Own...

Coinspeaker · 2024-06-27T15:13:00.000Z

Coinspeaker South Korea’s Seoul High Court Rules in Favor of Fantom Foundation over Network Development’s Ownership After years of legal battles in South Korea, the Fantom (FTM) ecosystem is free from the lawsuit shackles filed by SikSin, a food tech start-up led by CEO Byung-Ik Ahn. According to the Fantom Foundation, the Seoul High Court has dismissed all the reliefs sought by SikSin and Ahn due to lack of merit. Additionally, the South Korean court has confirmed that the Fantom Foundation spearheaded the network’s development led by Andre Cronje and Quan Nguyen. “The Seoul High Court’s ruling confirms what we have consistently said for years: that our own development team, initially led by Cronje and Nguyen, created the success we have today. I thank the court for their careful review of the facts and evidence in this case,” Michael Kong, CEO of Fantom, noted. How Fantom Foundation Triumphed the Seoul Case The Fantom Foundation has been fighting a legal battle in South Korea as SikSin and its CEO claimed over 198 million FTM tokens for the alleged development services offered. The South Korean court concluded that SikSin and Ahn failed to design a feasible Lachesis protocol as per the initial agreement. “The more we reviewed the materials, the more the pieces of the puzzle of Fantom’s arguments began to fall into place. We are very satisfied that the appellate court made its decision based on this completed puzzle,” Young Seok Lee and Jeong Min Lee from RosettaLegal, who represented Fantom, noted. Market Impact Following the Seoul High Court ruling against SikSin’s allegations, the Fantom network can now grow exponentially in the near future. Moreover, more web3 developers can build on the Fantom network without any worry of an impending legal backlash. As of this report, the Fantom network had a total value locked of about $97 million and a stablecoins market cap of around $346 million. Some of the top web3 projects that have leveraged the Fantom network include SpookySwap, Beefy, Beethoven X, and Equalizer, among many others. Meanwhile, FTM price bumped 3 percent in the last 24 hours to trade around $0.5854 on Thursday. The mid-cap altcoin, with a fully diluted valuation of about $1.8 billion and a daily average traded volume of around $142 million, has dropped nearly 30 percent in the last four weeks. From a technical standpoint, FTM price against the US dollar has rebounded from the support level of around 55 cents in the last two weeks. If the midterm bulls take over, FTM price is aiming at the range between $1.27 and $1.76, which coincides with the daily 1.618 and 2.618 Fibonacci Retracement. next South Korea’s Seoul High Court Rules in Favor of Fantom Foundation over Network Development’s Ownership

Coinspeaker 韓國首爾高等法院裁定 Fantom 基金會在網絡開發所有權方面勝訴
在韓國經過多年的法律鬥爭後，Fantom (FTM) 生態系統終於擺脫了食品科技初創公司 SikSin 提起的訴訟桎梏，SikSin 是一家由首席執行官 Byung-Ik Ahn 領導的公司。據 Fantom 基金會稱，首爾高等法院已駁回了 SikSin 和 Ahn 尋求的所有救濟，理由是缺乏依據。
此外，韓國法院已確認 Fantom 基金會率先開展由 Andre Cronje 和 Quan Nguyen 領導的網絡開發。
Fantom 首席執行官 Michael Kong 表示：“首爾高等法院的裁決證實了我們多年來一直堅持的觀點：我們自己的開發團隊，最初由 Cronje 和 Nguyen 領導，創造了我們今天的成功。我感謝法院仔細審查了此案的事實和證據。”
Fantom 基金會如何贏得首爾訴訟
Fantom 基金會一直在韓國進行法律鬥爭，因爲 SikSin 及其首席執行官聲稱其提供的開發服務獲得了超過 1.98 億個 FTM 代幣。
韓國法院認定SikSin和Ahn未能按照最初協議設計出可行的Lachesis協議。
Fantom 的代理律師 RosettaLegal 的 Young Seok Lee 和 Jeong Min Lee 表示：“我們審查的材料越多，Fantom 的論點就越清晰。上訴法院基於這個完整的拼圖做出了判決，我們對此非常滿意。”
市場影響
在首爾高等法院對 SikSin 的指控作出裁決後，Fantom 網絡現在可以在不久的將來呈指數級增長。此外，更多的 web3 開發人員可以在 Fantom 網絡上構建，而不必擔心即將出現的法律反彈。
截至本報告，Fantom 網絡的總鎖定價值約爲 9700 萬美元，穩定幣市值約爲 3.46 億美元。利用 Fantom 網絡的一些頂級 web3 項目包括 SpookySwap、Beefy、Beethoven X 和 Equalizer 等。
與此同時，FTM 的價格在過去 24 小時內上漲了 3%，週四交易價格約爲 0.5854 美元。這款中型山寨幣的完全攤薄估值約爲 18 億美元，日均交易量約爲 1.42 億美元，在過去四周內下跌了近 30%。
從技術角度來看，FTM 兌美元匯率在過去兩週內從 55 美分左右的支撐位反彈。如果中期多頭佔據上風，FTM 價格將瞄準 1.27 美元至 1.76 美元之間的區間，這與每日 1.618 和 2.618 斐波納契回撤位相吻合。
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