South Korea’s Seoul High Court Rules in Favor of Fantom Foundation over Network Development’s Ownership

UTC by Steve Muchoki · 3 min read
South Korea’s Seoul High Court Rules in Favor of Fantom Foundation over Network Development’s Ownership
Photo: Unsplash

The South Korean court has recognized that Andre Cronje led the Fantom Foundation’s development team and not SikSin.

After years of legal battles in South Korea, the Fantom (FTM) ecosystem is free from the lawsuit shackles filed by SikSin, a food tech start-up led by CEO Byung-Ik Ahn. According to the Fantom Foundation, the Seoul High Court has dismissed all the reliefs sought by SikSin and Ahn due to lack of merit.

Additionally, the South Korean court has confirmed that the Fantom Foundation spearheaded the network’s development led by Andre Cronje and Quan Nguyen.

“The Seoul High Court’s ruling confirms what we have consistently said for years: that our own development team, initially led by Cronje and Nguyen, created the success we have today. I thank the court for their careful review of the facts and evidence in this case,” Michael Kong, CEO of Fantom, noted.

How Fantom Foundation Triumphed the Seoul Case

The Fantom Foundation has been fighting a legal battle in South Korea as SikSin and its CEO claimed over 198 million FTM tokens for the alleged development services offered.

The South Korean court concluded that SikSin and Ahn failed to design a feasible Lachesis protocol as per the initial agreement.

“The more we reviewed the materials, the more the pieces of the puzzle of Fantom’s arguments began to fall into place. We are very satisfied that the appellate court made its decision based on this completed puzzle,” Young Seok Lee and Jeong Min Lee from RosettaLegal, who represented Fantom, noted.

Market Impact

Following the Seoul High Court ruling against SikSin’s allegations, the Fantom network can now grow exponentially in the near future. Moreover, more web3 developers can build on the Fantom network without any worry of an impending legal backlash.

As of this report, the Fantom network had a total value locked of about $97 million and a stablecoins market cap of around $346 million. Some of the top web3 projects that have leveraged the Fantom network include SpookySwap, Beefy, Beethoven X, and Equalizer, among many others.

Meanwhile, FTM price bumped 3 percent in the last 24 hours to trade around $0.5854 on Thursday. The mid-cap altcoin, with a fully diluted valuation of about $1.8 billion and a daily average traded volume of around $142 million, has dropped nearly 30 percent in the last four weeks.

From a technical standpoint, FTM price against the US dollar has rebounded from the support level of around 55 cents in the last two weeks. If the midterm bulls take over, FTM price is aiming at the range between $1.27 and $1.76, which coincides with the daily 1.618 and 2.618 Fibonacci Retracement.

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