South Korean Legal Victory Propels Altcoin Fantom: Major Price Movements Ahead!

Andras Crow-Hreidar
By Andras Crow-Hreidar Add a Comment
3 Min Read

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.

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.

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.

An in-article image showing Fantom (FTM) altcoin's price movements with elements like a digital graph, coin symbols, and upward arrows. Include a back

Court’s Detailed Findings

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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.

For the latest insights and updates on Fantom and other cryptocurrencies, visit TheBitJournal.com. Stay informed on the dynamic world of crypto and make strategic decisions with the most current information.

By following these developments, investors can stay ahead in the ever-evolving cryptocurrency market. Make sure to keep an eye on TheBitJournal.com for all your crypto news and updates. Always conduct thorough research and consider the risks before making any investment decisions.

Disclaimer

The price predictions and financial analysis presented on this website are for informational purposes only and do not constitute financial, investment, or trading advice. While we strive to provide accurate and up-to-date information, the volatile nature of cryptocurrency markets means that prices can fluctuate significantly and unpredictably.

You should conduct your own research and consult with a qualified financial advisor before making any investment decisions. The Bit Journal does not guarantee the accuracy, completeness, or reliability of any information provided in the price predictions, and we will not be held liable for any losses incurred as a result of relying on this information.

Investing in cryptocurrencies carries risks, including the risk of significant losses. Always invest responsibly and within your means.

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Editorial Director Hi there, my name is András and I'm a business and finance journalist living in Norway. My passion lies in uncovering the latest stories in the world of finance and delivering them to my readers in a way that's clear and engaging. I cover a wide range of topics in the finance world, including cryptocurrencies, which I believe have the potential to transform the way we interact with money and financial systems. As a journalist, I'm committed to providing my readers with accurate and reliable reporting. I believe that access to high-quality information is essential for making informed decisions, whether it's about personal finances or investments. When I'm not writing about finance, I enjoy a variety of hobbies and interests.
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