Court Declares Bithumb's 'Error' Defense in XENT Lawsuit 'Irresponsible'
CryptoNewsTerminal Staff19 Aug, 2024
Court Declares Bithumb's 'Error' Defense in XENT Lawsuit 'Irresponsible'
Bithumb Korea (Bithumb) has been deemed "irresponsible" by the court for its "error" defense in the ongoing XENT (XENT) lawsuit, according to Digital Asset. The 50th Civil Affairs Division of the Seoul Central District Court made the statement on the 14th while reviewing an appeal and an application for an injunction related to the case. Bithumb had claimed that an internal error prevented them from responding to the injunction to halt the delisting of XENT. This claim was rejected by the court, necessitating an apology to investors. Bithumb has since expressed willingness to "consider" an apology notice. The price of XENT soared by 1400% on July 8, 2024, after the court granted the injunction to suspend the termination of transaction support. On April 29, 2024, Bithumb designated XENT as an investment attention stock. The designation was extended before the exchange announced on June 21 that it would terminate transaction support.
