Seoul court orders GDAC to return 7.80 million WEMIX tokens to Wemade CEO
On July 31, the Seoul Central District Court ordered the closed virtual asset exchange GDAC to return 7.80 million WEMIX tokens (worth about $7.31 million) to Wemade CEO Park Kwan-ho.
The court upheld Park Kwan-ho's application for a temporary injunction on the delivery of virtual assets filed on July 29. If GDAC fails to comply with the order within 30 days, it will pay Park a fine of 3 million won every day after the expiration of the time limit.
The court rejected GDAC's allegations of alleged market manipulation and money laundering by Park, noting that GDAC may have failed to maintain a 100% reserve ratio, which contradicts its previous statements. The court also hinted that losses from the roughly 20 billion won (about $14.48 million) hack suffered by GDAC last April may not have been fully recovered. It is reported that GDAC terminated services on July 16, leaving Park unable to withdraw the remaining WEMIX.