South Korea’s Seoul High Court Rules in Favor of Fantom Foundation over Network Development’s Ownership

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As a researcher with a background in blockchain technology and legal matters, I’m thrilled to report that the Fantom Foundation has finally emerged victorious from the long-standing lawsuit filed by SikSin in South Korea. The Seoul High Court’s dismissal of all reliefs sought by SikSin and its CEO, Byung-Ik Ahn, is a significant milestone for the Fantom ecosystem.

After enduring protracted lawsuits in South Korean courts for years, the Fantom (FTM) community has emerged victorious against claims brought forth by SikSin, a food tech startup spearheaded by CEO Byung-Ik Ahn. The Fantom Foundation reported that all the requested relief actions filed by SikSin and Ahn were dismissed by the Seoul High Court due to insufficient justification.

As a analyst, I would rephrase it this way: The South Korean court has validated my findings that the Fantom Foundation took the helm in creating the Fantom network under the leadership of Andre Cronje and Quan Nguyen.

Michael Kong, the CEO of Fantom, expressed his gratitude towards the Seoul High Court for upholding the long-held position that the in-house development team, previously headed by Cronje and Nguyen, was responsible for the company’s current achievements.

How Fantom Foundation Triumphed the Seoul Case

The Fantom Foundation is currently engaged in a legal dispute with SikSin and its chief executive in South Korea, who assert they are entitled to approximately 198 million FTM tokens as compensation for supposed development services rendered.

The South Korean court determined that SikSin and Ahn did not deliver on their contractual obligation to create a practical Lachesis protocol according to the original terms of the agreement.

As they delved deeper into the case materials, the intricacies of Fantom’s arguments gradually became clearer to Young Seok Lee and Jeong Min Lee of RosettaLegal. They expressed their contentment with the appellate court reaching a decision based on this newly gained understanding.

Market Impact

As a researcher studying the blockchain industry, I’m excited to share that the Seoul High Court’s recent ruling in favor of the Fantom network has paved the way for its potential exponential growth in the near future. This decision brings relief to web3 developers, allowing them to confidently build on the Fantom network without fear of impending legal repercussions.

According to the latest data in this report, the Fantom network boasts a total value locked at approximately $97 million and a stablecoins market capitalization of around $346 million. A number of notable web3 projects have utilized the Fantom network, such as SpookySwap, Beefy Finance, Beethoven X, and Equalizer, to name just a few.

Over the past day, the FTM coin experienced a 3% increase in value, reaching approximately $0.5854 during Thursday’s trading. With a market capitalization of roughly $1.8 billion and a daily trading volume averaging around $142 million, this mid-cap altcoin has seen a significant decrease of nearly 30% over the past month.

As a technical analyst, I’ve observed that the value of Fantom (FTM) against the US dollar has bounced back from its support level of approximately 55 cents over the past two weeks. If the mid-term bulls regain control, FTM’s price could target the range between $1.27 and $1.76 based on the daily 1.618 and 2.618 Fibonacci Retracement levels.

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2024-06-27 18:27