Fantom (FTM), one of the popular altcoins, achieved a major victory in South Korea.
According to the news agency Coingape, the Seoul Court of Appeals rejected all claims of Korean food technology startup SikSin and its CEO Byung-Ik Ahn and ruled in favor of Fantom Foundation.
The 19-3 Civil Division of the Seoul Court of Appeals overturned the previous decision of the Seoul Central District Court, which initially ruled in favor of the Korean food company, and awarded the company and the CEO over FTM 198 million in damages.
In the Seoul Court of Appeals decision, the plaintiffs said Korean company SikSin and its CEO Byung-Ik Ahn failed to fulfill their contractual obligations, including integrating Fantom's technology into the food technology sector and producing a workable technical paper for the Lachesis Protocol.
Fantom CEO Michael Kong expressed his satisfaction with the Seoul Court of Appeal's comprehensive explanations about FTM and the favorable decision given.
“The Seoul High Court's decision confirms what we have consistently said for years: Our own development team, initially led by Andre Cronje and Quan Nguyen, created the success we have today.
I thank the court for their careful consideration of the facts and evidence in this case. “I also thank our attorney, RosettaLegal, for their hard work and determination to achieve this great outcome.”
The plaintiffs, Korean food company SikSin and its CEO Byung-Ik Ahn, claimed that they provided technical implementation services for Fantom, but accused Fantom of not fulfilling the service agreement and demanded damages of over 198 million FTM.
However, the court did not accept the plaintiffs' claims, found Fantom Foundation right and decided to pay compensation of over 198 million FTM to the plaintiffs' Fantom Foundation.
FTM, which has experienced a 0.9 increase in the last 24 hours, continues to be traded at $ 0.578 at the time of writing.
Seoul High Court Rules in Fantom Foundation's Favor against SikSin’s CEO Byung-Ik Ahn and SikSin.
🔗 https://t.co/ACpECKzKil pic.twitter.com/JTpv22W3Ha
— Fantom Foundation (@FantomFDN) June 27, 2024
*This is not investment advice.
