Korean court rules Cross Finance to compensate Coinone approximately $234,000

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

The court ruling shows that, upon the recommendation of Cross Finance representative Kwon, Coinone began subscribing to Cross Finance's related investment products from November 2023, with the investment size maintained between approximately 1 billion and 4 billion Korean Won for an extended period. The product experienced its first repayment delay on August 5, 2024.

Reports state 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 its contract with Cross Finance on the grounds of fraud or significant misunderstanding.

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