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HTX News

06/23 03:35

South Korean Court Orders Cross Finance to Pay $260,000 to Coinone

On June 23, according to Digital Asset, a South Korean court has ruled that P2P lending company Cross Finance Korea must pay 360 million won (approximately $260,000) to the South Korean cryptocurrency exchange Coinone. This ruling stems from a lawsuit filed by Coinone, which sought the return of what it claimed was an improper gain of 900 million won. The case is an externality of the large-scale default crisis in the P2P lending industry between 2024 and 2025, which has now affected digital asset exchanges. According to the court ruling, Coinone began investing in Cross Finance's products in November 2023, following a recommendation from its CEO, Mr. Kwon. The exchange maintained its investment scale between 1 billion and 4 billion won until early August 2024.

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