The cryptocurrency market is buzzing with news of Fantom’s legal victory in South Korea, which could signal significant price movements for this promising altcoin. The latest ruling from the Seoul High Court has given Fantom a critical win against a major tech startup, solidifying its position in the market.
Landmark Legal Victory
In a significant development, the Seoul High Court’s Civil Division 19-3 ruled in favor of Fantom Foundation against the South Korean food tech startup SikSin and its CEO, Byung-Ik Ahn. This ruling overturns a previous decision by the Seoul Central District Court, which had mandated Fantom to pay over 198 million FTM in compensation. The High Court dismissed all claims from the plaintiffs and ordered them to bear all legal costs.
Fantom Triumphs in Legal Battle
The dispute centered around the technical implementation of the Fantom Project and its application in South Korea’s food technology industry. The High Court found that SikSin and Ahn failed to fulfill their contractual obligations, which included integrating Fantom’s technology into the food tech sector and producing a viable technical paper for the Lachesis Protocol. Additionally, the court identified plagiarism in the plaintiffs’ technical documents.
Court’s Detailed Findings
The court also noted that due to these failures, Fantom’s independent development team had to take over the project. Fantom CEO Michael Kong expressed satisfaction with the court’s thorough review. RosettaLegal, representing Fantom, highlighted the complexity of the case and the clarity achieved through this decision.
Strategic Upgrades Boosting Fantom
As reported by Kriptokoin.com, Fantom has been proactive in enhancing its network through several key upgrades. Recently, the Directed Acyclic Graph (DAG) protocol welcomed Google Cloud as one of its principal node validators. This partnership is expected to foster innovation beyond transaction validation on the Fantom platform.
In addition to this strategic alliance, Fantom announced an upgrade on its existing Opera Blockchain. This upgrade followed reaching a consensus threshold of 66%. The launch date aligns with expectations set during the Sonic testnet phase in October 2023.
Altcoin Price Performance
Regarding its price, Fantom (FTM) surged to $0.59 following the news but later saw a slight decline. As of this writing, FTM is trading at $0.569, reflecting a daily increase of 0.03%. The cryptocurrency’s 24-hour trading volume stands at $108 million, with a live market cap of $1.59 billion.
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