Korean court orders Cross Finance to pay approximately $234,000 in damages to Coinone

Odaily: The Seoul Southern District Court in South Korea has ruled that online investment financial company Cross Finance must pay approximately $234,000 in damages to cryptocurrency exchange platform Coinone.

According to the judgment, at the recommendation of Cross Finance representative Kwak, Coinone began subscribing to investment products related to Cross Finance in November 2023, maintaining an investment scale of approximately 1 billion to 4 billion Korean won. The product experienced its first repayment delay on August 5, 2024.

Reports indicate that Cross Finance's default is linked to a 70 billion Korean won fraud case involving Lumen Payments. Following the incident, Coinone demanded the cancellation of the relevant contract signed with Cross Finance on grounds of fraud or material mistake.

Previously, Coinone had filed a lawsuit against Cross Finance seeking the return of approximately 900 million Korean won in unjust enrichment. (Digital Asset)