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Upbit Faces Multiple Lawsuits Amid Mass Crypto Delisting

Upbit Faces Multiple Lawsuits Amid Mass Crypto Delisting
  • Upbit faces multiple lawsuits amid its decision to accelerate the delisting of cryptos
  • Piction Network, AnimalGo, and PICA Project are pursuing litigation
  • Investors are complaining about their losses snowballing due to the controversy

The controversial delisting of “risky” cryptocurrencies in Upbit sparked lawsuits as the teams and investors of the delisted projects filed complaints.

According to a petitioner, “Retail investors are facing huge losses from the groundless delisting, but the exchange has not offered any apology or compensation.”

Just recently, AnimalGo complained because of the delisting of their GoMoney2 due to false disclosure allegations. However, the Seoul Central District Court ruled in favor of Upbit. Though Upbit won this round, it’s not certain that the court will make the same decisions on other legal battles.

Piction Network, the team that issued Pixel — another coin that will be delisted from Upbit, said they may file a lawsuit. Similarly, Quiztok also expressed that they may file a lawsuit once they are certain of the amount that their investors lost.

Another interesting part of the groups rising against Upbit is PICA Project. A few days ago, PICA Project filed a lawsuit against Dunamu, the company running Upbit. According to PICA Project, Upbit allegedly stole PICAs that was supposedly for an airdrop event.

A statement from the PICA Project says, “UPbit demanded five million PICAs, worth approximately 250 million won, for airdrop.” They added, “only 3 percent of the five million PICAs were actually used for the airdrop and UPbit transferred the rest to its cold wallet and sold it to take profits.”

While the conflict is intensifying and the legal battles escalating, only time will tell what the results and repercussions of this controversy may be.

Joseph Joestar is a CoinQuora contributor. He works in various blockchain marketing content projects, specializing in written content such as technical whitepapers, press releases, and articles.