법무법인(유한) 율촌 | Yulchon LLC

Yulchon successfully represented Bithumb Korea Co., Ltd. ("Bithumb"), a company operating a virtual asset exchange, in a case where the issuers of the virtual asset Somesing Token (SSX), Emel Ventures Co., Ltd., and EAPL PTE. LTD. (the "creditors"), filed for a temporary injunction to suspend the decision to terminate trading support.

The creditors claimed that the unexpected hacking incident resulting in the leakage of Somesing Token was not due to intentional false disclosure of distribution plans and that they had taken all necessary technical protective measures. They argued that Bithumb's decision to terminate trading support was unjustified and had procedural and substantive legal flaws.

However, Yulchon meticulously analyzed the materials and contract clauses submitted by the creditors to Bithumb, arguing that the creditors could not claim immunity for violating distribution volume conditions according to the listing contract. Yulchon further asserted that the creditors were at fault for the hacking incident and had not adequately presented measures to protect investors from the leaked tokens. Based on these arguments, Yulchon strongly refuted the creditors' claims and justified the designation of Somesing Token as an investment-warning item and the decision to terminate trading support. The court accepted all of Yulchon's arguments, ruling that Bithumb's decision had no substantive or procedural legal flaws and dismissed the creditors' application.

This case is significant as it sets a meaningful precedent regarding the importance of investor protection and the sensitive issue of security in the virtual asset market. It also has great significance in that it sets a precedent of the procedural legality of a virtual asset exchange's decision.