The Fantom Foundation has won a major legal battle against Byung-Ik Ahn, the CEO of Korean food technology business SikSin, and the Seoul High Court’s Civil Division 19-3. The appeal court’s decision overturned the Seoul Central District Court’s earlier verdict, which dismissed the plaintiffs’ claims and mandated them to pay all legal fees.
This case demonstrates FTM’s dedication to the integrity of its blockchain technology and its independent development activities. It includes claims of unmet service agreements and plagiarism.
Fantom Wins in Court
The Seoul Central District Court’s earlier decision, which had first found in favour of SikSin and awarded them more than 198 million FTM, was overturned by the Seoul High Court’s Civil Division 19-3. The High Court ordered the claimants to pay all litigation expenses and dismissed all of their claims. Service agreements about the FTM Project’s technological execution and use in South Korea’s food technology sector were at the heart of the conflict.
In its decision, the High Court found that Fantom’s technology integration into the food tech sector and producing a workable technical paper for the Lachesis Protocol were among the contractual requirements the plaintiffs, SikSin and Ahn, needed to have fulfilled. According to the court, the plaintiffs were found to have plagiarised their technical paper.
The court further stated that FTM independent development team was forced to assume control due to these setbacks. Michael Kong, the CEO of Fantom, thanked the court for its comprehensive review. Rosetta Legal, Fantom’s legal team, emphasized the case’s intricacy and ultimate resolution.
Fantom’s Dynamic Pricing & Strategic Upgrades
Fantom has made numerous significant network enhancements on its own initiative. Recently, the Directed Acyclic Graph (DAG) protocol revealed that Google Cloud has been added as one of its primary node validators. Google Cloud’s function as a node validator will encourage innovation on the Fantom platform in addition to transaction validation.
Apart from this strategic alliance, Fantom officially opened an extension to its current Opera chain. This update was made once a consensus level of 66% was reached. The launch date corresponds with the goals established in October 2023 during Sonic’s testnet phase.
FTM’s stock is presently trading at $0.5829, up 0.4% in the hour following the news announcement. The 24-hour trading volume of cryptocurrencies is $123.6 million. But on the last day, the coin increased by 1.56%, and FTM now traded between $0.5857 and $0.5649. The current market capitalization of Fantom (FTM) is $1.6 billion.
