Court Orders Zipmex to Return $8 Million Worth of WEMIX to Wemade CEO

IconCryptoNewsTerminal Staff30 Jul, 2024

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Court Orders Zipmex to Return $8 Million Worth of WEMIX to Wemade CEO

Zipmex, the virtual asset exchange, has been ordered by a court to return approximately $8 million worth of WEMIX to Wemade CEO Park Kwan-ho. The order comes after Zipmex abruptly ended its operations earlier this month without returning the cryptocurrency to Park. On July 29, the Seoul Central District Court granted Park's request for a temporary injunction against Zipmex, ordering the exchange to immediately return 7.8 million WEMIX (valued at about $8 million). The court also ordered Zipmex to pay Park 3 million won (about $2,500) per day if it fails to comply with the order within 30 days. Wemade is a South Korean video game company that developed the WEMIX token. The company has been in a legal dispute with Zipmex over the return of the WEMIX tokens since the exchange suspended trading earlier this year. The court's order is a significant development in the case, and it is expected to force Zipmex to return the WEMIX tokens to Park. The order also sends a strong message to other cryptocurrency exchanges that they must comply with court orders and return customer assets when they suspend trading.

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