TechFlow news: According to South Korean media Naver, the Seoul Central District Court ordered the now-closed virtual asset exchange GDAC on July 31 to return 7.8 million WEMIX tokens (worth approximately 10.1 billion KRW) to Wemade CEO Park Kwan-ho.
The court granted a provisional injunction filed by Park Kwan-ho on July 29 for delivery of the virtual assets.
If GDAC fails to comply within 30 days, it will be required to pay Park 3 million KRW per day in penalties starting from the expiration of the deadline. Previously, GDAC terminated its services on July 16, leaving Park unable to withdraw his remaining WEMIX holdings.
The court dismissed GDAC's allegations that Park was involved in market manipulation and money laundering, and noted that GDAC may have failed to maintain a 100% reserve ratio—contradicting its prior statements. The court also suggested that losses from a cyberattack last April, which caused around 20 billion KRW in damages, may not have been fully recovered.
