As a long-term crypto investor with experience in the blockchain industry, I am thrilled to see Fantom’s recent legal victory against SikSin and its CEO Byung-Ik Ahn. This case highlights Fantom’s unwavering commitment to the integrity of its technology and independent development efforts. The court’s ruling dismisses all claims made by the plaintiffs and orders them to bear all litigation costs, a significant win for Fantom Foundation.
In a pivotal judgment, the Civil Division 19-3 of the Seoul High Court has sided with Fantom Foundation against the Korean food tech startup SikSin and its CEO Byung-Ik Ahn in our legal dispute. This ruling reverses an earlier verdict by the Seoul Central District Court, discarding all accusations leveled against us and mandating the plaintiffs to cover the entire cost of litigation.
In this particular instance, where claims of unfulfilled contractual obligations and plagiarism arose, Fantom’s dedication to preserving the authenticity of its blockchain technology and autonomous innovation shone through.
Legal Victory for Fantom
As a researcher studying this case, I can describe it as follows: The Seoul High Court’s Civil Division 19-3 overturned an earlier decision made by the Seoul Central District Court that granted SikSin over 198 million FTM (Fantom Tokens). In contrast to the lower court’s ruling, the High Court dismissed all claims brought forth by the plaintiffs and obligated them to cover all litigation expenses. The controversy revolved around service agreements concerning the technical execution of the Fantom Project and its integration into the food technology sector in South Korea.
The High Court decided in its judgment that SikSin and Ahn did not fulfill their contractual commitments as agreed upon. Specifically, they were unable to incorporate Fantom’s technology into the food tech sector and generate a technically sound paper for the Lachesis Protocol. Moreover, the court uncovered instances of plagiarism in the submitted technical document.
The judicial panel acknowledged that Fantom’s autonomous development team had to step in as a result of these setbacks. Michael Kong, CEO of Fantom, expressed appreciation for the court’s comprehensive examination. Simultaneously, Fantom’s legal representatives, RosettaLegal, underscored the intricacy and eventual clarity that emerged from the case.
Fantom’s Strategic Upgrades & Price Dynamic
Expert: Fantom has taken an active approach to improving its network with several significant updates. Notably, Google Cloud has joined as one of the major validators for Fantom’s Directed Acyclic Graph (DAG) protocol. In addition to verifying transactions, Google Cloud’s role as a validator will foster innovation on the Fantom platform by providing incentives.
Beyond this strategic collaboration, Fantom has unveiled the debut of an enhancement for its Opera blockchain. This upgrade became a reality following the attainment of a consensus level of 66%. The rollout date corresponds with the forecasts established during Sonic’s testnet phase in October 2023.
With regard to the current price of Fantom (FTM), it is presently trading at $0.5829, representing a 0.4% increase in the last hour following a news announcement. The cryptocurrency’s trading volume over the past 24 hours amounts to $123.6 million. There has been a 1.56% price rise for Fantom (FTM) within this timeframe, and its current price range lies between $0.5857 and $0.5649. The live market capitalization of Fantom (FTM) is $1.6 Billion.
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2024-06-27 14:34