Seoul court orders GDAC to return 7.8M WEMIX tokens worth $7.31M to Wemade CEO Park Kwan-ho.
GDAC faces a daily fine of 3 million won for non-compliance after 30 days.
2022 GDAC hacker attack compromised their reserves, worsening the exchange’s downfall.
A South Korean court ruled in favor of Wemade CEO Park Kwan-ho, ordering the now-defunct GDAC crypto exchange to return 7.8 million WEMIX tokens, worth $7.31 million. This ruling is the latest development in the ongoing dispute between Park Kwan-ho and GDAC.
The decision is a follow-up to the earlier July verdict where the Seoul Central District Court granted Park a provisional disposition, highlighting GDAC’s failure to comply. Park could not access the tokens due to GDAC’s shutdown.
Court Rejects GDAC’s Claims Against Wemade CEO
The court rejected GDAC’s latest challenge and ordered the trading platform to return the tokens within 30 days. If GDAC does not comply, it faces a daily penalty of $3 million after the deadline. The court also dismissed the exchange’s allegations of market manipulation and money laundering against Park, citing its failure to maintain a 100% reserve ratio, a key require…
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