- Fantom Foundation secures a significant legal victory against South Korean food tech startup SikSin and its CEO Byung-Ik Ahn.
- The Seoul High Court reversed a prior decision by the Seoul Central District Court, dismissing all claims against Fantom and awarding it full legal costs.
- Fantom was accused of failing to integrate its technology into the food tech industry, but the court found that SikSin had not fulfilled its contractual obligations.
Fantom triumphs in a legal battle, showcasing its resilience and commitment to technological innovation within the crypto sector.
Fantom Wins Legal Battle in South Korea
The Seoul High Court’s 19-3 Civil Division recently ruled in favor of the Fantom Foundation, overturning a previous ruling by the Seoul Central District Court. This previous decision had mandated Fantom to pay over 198 million FTM in damages to SikSin. The appellate court’s reversal dismisses all claims against Fantom, emphasizing the startup’s contractual failures, including plagiarism in technical documents essential to the Lachesis Protocol.
Strategic Upgrades for Fantom
Continuing its dedication to network enhancement, Fantom recently integrated Google Cloud as a primary node validator for its Directed Acyclic Graph (DAG) protocol. This strategic move aims to bolster innovation and transaction verification on the Fantom platform. Moreover, Fantom announced the official launch of an upgrade to its existing Opera Blockchain, following a consensus of 66% threshold. This upgrade aligns with expectations set during Sonic’s testnet phase in October 2023.
Altcoin Price Performance
Following the court’s decision, the price of Fantom (FTM) saw an initial increase to $0.59, although it later recorded a slight decrease. At the time of reporting, FTM traded at $0.569, reflecting a modest 0.03% daily increase. The altcoin’s market capitalization stood at $1.59 billion with a 24-hour trading volume of $108 million, indicating sustained interest and trading activity within the market.
Conclusion
This legal victory for Fantom not only exonerates the foundation from all allegations but also underscores its strong legal and developmental framework. As Fantom advances its technological pursuits, including new partnerships and blockchain upgrades, it solidifies its position as a resilient and innovative player in the cryptocurrency space.
