The Seoul Central District Court ruled that Wemade must compensate nearly 9.94 billion won to employees related to the cryptocurrency WEMIX.
The lawsuit was filed by 27 former and current employees requesting total damages of 16.176 billion won, alleging that the company failed to fulfill its commitment to pay in WEMIX. Wemade's previous blockchain operations are now handled by the WEMIX Foundation.
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The Seoul court ruled that Wemade must compensate nearly 9.94 billion won to employees.
27 employees sued because the company did not pay the cryptocurrency WEMIX as promised.
Wemade Tree and WEMIX Foundation are responsible for carrying out the company's blockchain activities.
What did the Seoul court rule in the lawsuit between Wemade and the employees?
The Seoul Central District Court partially ruled in favor of Wemade and ordered the company to pay approximately 9.939 billion won in compensation to the plaintiffs, who are former and current employees.
The lawsuit began last July when 27 employees sued for a total compensation of 16.176 billion won. The court reviewed the evidence and decided to reduce the damages to nearly 61.5% of the initial claim, demonstrating caution and objectivity in assessing the case.
The ruling reflects the court's seriousness in handling disputes related to employee rights in the growing cryptocurrency sector.
What reasons led the employees to sue Wemade, and what is the value of the dispute?
The lawsuit was filed because the company failed to pay the cryptocurrency WEMIX as promised to employees.
The lawsuit reflects the complexity of handling digital asset payments in businesses, causing controversy and affecting employee rights. The total value of the initial dispute reached 16.176 billion won, but the court reassessed and ordered compensation of 9.939 billion won.
The case also emphasizes the importance of transparency and clear commitments in employment contracts related to cryptocurrency to avoid future disputes.
What roles do Wemade Tree and WEMIX Foundation play in Wemade's blockchain operations?
Wemade established a subsidiary specializing in blockchain, Wemade Tree, in 2018 and merged it into the parent company in 2022. Currently, related operations and functions have been transferred to the WEMIX Foundation.
This process demonstrates the development and restructuring strategy in the blockchain and cryptocurrency technology sector of Wemade to focus resources and enhance operational efficiency.
The transfer of responsibilities to the WEMIX Foundation simultaneously creates more specialization and transparency in managing related cryptocurrency products.
"We are committed to fulfilling our legal obligations and protecting the rights of workers in new technology environments such as cryptocurrency."
– Statement from a Wemade representative, 2023
Frequently Asked Questions
What is Wemade being sued for?
Wemade is being sued for failing to pay employees the cryptocurrency WEMIX as per the contractual agreement.
How much compensation did the court require Wemade to pay?
The court required Wemade to pay approximately 9.939 billion won to the plaintiff employees.
Who filed the lawsuit against Wemade in this case?
27 former and current employees of Wemade are plaintiffs in this lawsuit.
What role does the WEMIX Foundation play currently?
The WEMIX Foundation takes over and implements blockchain activities previously conducted by Wemade Tree.
What lessons does the lawsuit reflect for businesses?
Businesses need to be transparent and clear in their commitments related to cryptocurrency payments to avoid legal disputes.
Source: https://tintucbitcoin.com/han-quoc-yeu-cau-wemade-boi-thuong/
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