WEMIX

<ul><li>Seoul court orders GDAC to return $7.31M in WEMIX tokens, spotlighting exchange transparency issues.</li><li>GDAC&#39;s shutdown and reserve issues raise questions on crypto exchange practices during delistings.</li><li>Court ruling on GDAC sets a precedent for regulatory standards in South Korea&#39;s crypto industry.</li></ul>Seoul Central District Court has<a href="https://foresightnews.pro/news/detail/50486" rel="noopener noreferrer nofollow"> ruled</a> in favor of Wemade&#39;s CEO, Park Kwan-ho, in a high-profile legal dispute involving WEMIX tokens. The court has mandated that GDAC, a now-defunct virtual asset exchange, return approximately $7.31 million worth of WEMIX tokens to Park. This ruling highlights critical issues within the cryptocurrency sector, particularly regarding exchange operations, regulatory adherence, and investor protection.The court&#39;s order <a href="https://cryptotale.org/near-wemade-unite-to-boost-web3-adoption/" rel="noopener noreferrer nofollow">requires </a>GDAC to return 7.8 million WEMIX tokens within 30 days. Failure to comply will result in a daily fine of 3 million won. This decision comes after Park&#39;s request for a temporary injunction was supported by the court. The ruling dismisses GDAC&#39;s allegations of market manipulation and money laundering against Park. Instead, it raises concerns about the exchange’s reserve ratios and operational transparency.GDAC&#39;s<a href="https://gdacs.org/Default.aspx/Alerts/xml/feed_reference.aspx" rel="noopener noreferrer nofollow"> closure</a> on July 16, which coincided with the <a href="https://insuranceasia.com/insurance/news/s-koreas-virtual-asset-user-protection-act-set-launch#:~:text&#61;The%20law%20aims%20to%20establish,asset%20market%20and%20safeguard%20users." rel="noopener noreferrer nofollow">upcoming</a> implementation of South Korea’s &#39;Virtual Asset User Protection Act,&#39; has further complicated the situation. The exchange&#39;s shutdown prevented Park from withdrawing his remaining tokens, which are currently valued at about 10.1 billion won. This development has sparked debate over typical exchange practices during delistings. Usually, exchanges permit full withdrawals, but GDAC imposed withdrawal limits, raising questions about its reserve integrity.<a href="https://cryptotale.org/seoul-court-orders-gdac-to-return-7-8m-wemix-tokens-to-wemade-ceo/" rel="noopener noreferrer nofollow">Read more on Cryptotale.</a>Visit the links for more information <a href="https://cryptotale.org/" rel="noopener noreferrer nofollow">Website</a> | <a href="https://twitter.com/cryptotalemedia" rel="noopener noreferrer nofollow">Twitter </a>| <a href="https://t.me/cryptotale_news" rel="noopener noreferrer nofollow">Telegram </a>| <a href="https://www.instagram.com/cryptotalenews/" rel="noopener noreferrer nofollow">Instagram </a>|

Seoul Court Orders GDAC to Return 7.8M WEMIX Tokens to Wemade CEO

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