Phantom Foundation Hit with $240 Billion Lawsuit in Korea for Non-Payment of Crypto

Phantom Foundation Hit with $240 Billion Lawsuit in Korea for Non-Payment of Crypto

Phantom Foundation Sued for $240 Billion in Korea The Phantom Foundation is facing a massive lawsuit in Korea for allegedly failing to pay Phantom Coins (FTM) to a Korean who participated in the initial development and investment of the project. The lawsuit, filed by Mr. K, seeks approximately 200 million FTM coins, which is currently valued at around $240 billion. Background of the Case Before the Phantom Foundation's initial coin offering (ICO) in 2018, Mr. K participated in the project's early development and invested in the FTM coin. However, he claims that the Phantom Foundation has not yet paid him the coins he was entitled to. The lawsuit is the largest cryptocurrency-related lawsuit ever filed in Korea. Legal Proceedings In 2022, the Seoul Central District Court ruled in favor of Mr. K, ordering the Phantom Foundation to pay him approximately 200 million FTM coins. However, the Phantom Foundation has appealed the decision to the Seoul High Court, citing "supplementary information." The outcome of the appeal is expected to be announced later this month. Impact of the Lawsuit The lawsuit against the Phantom Foundation has significant implications for the cryptocurrency industry in Korea. It highlights the need for greater transparency and accountability in the development and distribution of cryptocurrencies. The outcome of the case will be closely watched by other companies and investors in the industry.