The Seoul High Court rules in favor of the Fantom Foundation against SikSin and CEO Byung-Ik Ahn, dismissing all claims and overturning previous ruling.
The Seoul High Court’s Civil Division 19-3 has rendered a significant legal victory for the Fantom Foundation in its lawsuit against the Korean food technology startup SikSin and its CEO, Byung-Ik Ahn.
The appellate court’s decision reverses a previous ruling by the Seoul Central District Court, which dismissed all claims made by the plaintiffs and ordered them to bear all litigation costs.
This case, which involved allegations of plagiarism and unmet service agreements, demonstrates Fantom’s commitment to the integrity of its blockchain technology and its independent development work.
Legal Victory for Fantom
Initially, the Seoul Central District Court had ruled in favor of SikSin, awarding them over 198 million FTM.Â
However, the Seoul High Court’s Civil Division 19-3 reversed this decision.
The High Court dismissed all claims made by the plaintiffs and directed them to incur all litigation costs.
Service agreements concerning the technical implementation of the Fantom Project and its application in the culinary technology industry of South Korea were the focal point of the dispute.
In their ruling, the High Court determined that the plaintiffs, SikSin and Ahn, failed to deliver on their contractual obligations, including integrating Fantom’s technology into the food tech industry and producing a viable technical paper for the Lachesis Protocol.
Furthermore, the court discovered that the plaintiffs had plagiarism in their technical paper.
The court also observed that Fantom’s independent development team was compelled to assume responsibility as a result of these failures.
Fantom CEO Michael Kong expressed gratitude for the court’s comprehensive review, while Fantom’s legal team, RosettaLegal, emphasized the case’s eventual clarity and complexity.
Fantom’s Strategic Upgrades & Price Dynamic
Fantom has taken the initiative to improve its network, which includes numerous critical enhancements.
The Directed Acyclic Graph (DAG) protocol has recently announced that Google Cloud has been onboarded as one of its main node validators.
In addition to validating transactions, Google Cloud’s function as a node validator will serve to encourage innovation on the Fantom platform.
Fantom also disclosed the official launch of an upgrade to its current Opera chain, in addition to this strategic partnership.
This upgrade came after achieving a 66% threshold consensus level.
The launch date coincides with the expectations set during Sonic’s testnet phase, which occurred in October 2023.
The current price of Fantom (FTM) is $0.5829, with a 0.4% increase in the past hour following the news release.
The cryptocurrency’s 24-hour trading volume is worth $123.6 million.
However, Fantom (FTM) has experienced a 1.56% increase in the past 24 hours and is currently trading between $0.5857 and $0.5649.
Fantom (FTM) has a live market cap of $1.6 billion.