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

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 the cryptocurrency trading platform Coinone.

The judgment document shows that, upon the recommendation of Cross Finance representative Kwak, Coinone began subscribing to Cross Finance's related investment products from November 2023, with the investment scale maintained between approximately 1 billion and 4 billion KRW. The product experienced its first repayment delay on August 5, 2024.

Reports indicate that Cross Finance's default is related to the 70 billion KRW fraud case involving Lumen Payments. After the incident, Coinone demanded the revocation of the relevant contract signed with Cross Finance on the grounds of fraud or significant misunderstanding.

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