Fantom Wins Lawsuit As Court Overturns Lower Court Ruling

Highlights

The Seoul High Court ruled in favor of Fantom Foundation, dismissing all claims by SikSin and its CEO, Byung-Ik Ahn.
The ruling reversed an earlier decision by the Seoul Central District Court and ordered the plaintiffs to bear all litigation costs.
Fantom was vindicated for its independent development efforts and the integrity of its Lachesis Protocol technology.

In a significant legal victory, the Seoul High Court’s Civil Division 19-3 has ruled in favor of Fantom Foundation against Korean food technology startup SikSin and its CEO Byung-Ik Ahn. The appellate court’s decision overturns a previous ruling by the Seoul Central District Court, dismissing all claims made by the plaintiffs and ordering them to bear all litigation costs.

This case, which involved allegations of unmet service agreements and plagiarism, shows Fantom’s commitment to the integrity of its blockchain technology and its independent development efforts.

Legal Victory for Fantom

The Seoul High Court’s Civil Division 19-3 reversed a previous judgment by the Seoul Central District Court, which had initially ruled in favor of SikSin, awarding them over 198 million FTM. The High Court dismissed all claims made by the plaintiffs and ordered them to bear all litigation costs. The dispute centered around service agreements related to the technical implementation of the Fantom Project and its application in the food technology industry in South Korea.

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. Additionally, the court found that the plaintiffs committed plagiarism in their technical paper.

The court also noted that Fantom’s independent development team had to take over due to these failures. Fantom CEO Michael Kong expressed gratitude for the court’s thorough review, while Fantom’s legal team, RosettaLegal, highlighted the complexity and eventual clarity achieved in the case.

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Fantom’s Strategic Upgrades & Price Dynamic

Fantom has been proactive in enhancing its network, which includes several key upgrades. The Directed Acyclic Graph (DAG) protocol recently announced that Google Cloud has been onboarded as one of its major node validators. Beyond validating transactions, Google Cloud’s role as a node validator will help incentivize innovation on the Fantom platform.

In addition to this strategic partnership, Fantom announced the official launch of an upgrade to its existing Opera chain. This upgrade followed the achievement of a 66% threshold consensus level. The launch date aligns with the expectations set during Sonic’s testnet phase, which took place in October 2023.

As regards the price of Fantom (FTM), it currently trades at $0.5829 today with a 0.4% in the past hour after the news release. The cryptocurrency’s 24-hour trading volume is valued at $123.6 Million. The coin has however surged 1.56% in the past 24 hours and Fantom (FTM) is currently trading between $0.5857 and $0.5649. Fantom (FTM)’s live market cap stands at $1.6 Billion.

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Peter Mwenda

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