A Seoul court has ordered the now-defunct crypto exchange GDAC to return 7.8 million WEMIX tokens, valued at $7.31 million, to Wemade CEO Park Kwan-ho. GDAC, which shut down after a 2022 hacker attack and the introduction of South Korea's 'Virtual Asset User Protection Act,' faces a daily fine of 3 million won if it fails to comply within 30 days. The court dismissed GDAC's accusations of market manipulation and money laundering against Park, highlighting the exchange's failure to maintain a 100% reserve ratio, a key regulatory requirement.
9/27/2024 11:16:30 AM (GMT+1)
The Seoul court ordered GDAC to return 7.8 million WEMIX tokens ($7.31 million) to Park Kwang-ho 💰 — a daily fine of 3 million won for non-compliance after 30 days ⏳
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This material was prepared by Khachatur Davtyan, developed and translated by artificial intelligence.
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