Svmuu News: The Seoul Southern District Court in South Korea has ruled that the online investment firm Cross Finance must pay approximately $234,000 in damages to the cryptocurrency exchange Coinone.
According to the court ruling, upon the recommendation of a Cross Finance representative surnamed Guo, Coinone began subscribing to investment products affiliated with Cross Finance starting in November 2023, with the investment amount remaining between approximately 1 billion and 4 billion won over an extended period. The product first experienced a delay in repayment on August 5, 2024.
Reports indicate that Cross Finance’s default is linked to a 70 billion won fraud case involving Lumen Payments. Following the incident, Coinone sought to rescind the relevant contracts signed with Cross Finance on the grounds of fraud or material misrepresentation.
Previously, Coinone had filed a lawsuit against Cross Finance seeking the return of approximately 900 million won in unjust enrichment. (Digital Asset)