Court dismisses injunction lawsuit filed by Beta Labs
Cyworld Jet “Promoting Independent Blockchain Business” Provided by Cyworld Jet [Edaily reporter Noh Jae-woong] The court acknowledged that the cryptocurrency ‘Cyclub’ coin has nothing to do with Cyworld. Cyworld Jet plans to launch its own blockchain business in earnest, independent of the controversy caused by Cy Club.
On the 18th, the 50th Civil Settlement Division of the Seoul Central District Court dismissed the injunction lawsuit filed by Beta Labs with CyworldJet.
Previously, Cyworld Jet dismissed CEO Ho-gwang Kim from their respective CEOs in November last year and notified the contract termination because Beta Labs used the ‘Cyworld’ brand without permission. Controversy also arose over the fact that CEO Kim, who was involved in the establishment of the company, started the business under the names of ‘Cyworld B’, ‘Cyworld W’ and ‘Cymetaverse’ as if they were related to Cyworld.
In response, Baeta Labs CEO Hogwang Kim said that the memorandum of understanding signed with CyworldJet on March 16th last year is in effect, and that CyworldJet should do a blockchain business with them.
Then, on the 4th of last month, an injunction lawsuit was filed against CyworldJet.
On the same day, the court ruled, “It was legal for Cyworld Jet to terminate the contract with Beta Labs.”
CyworldJet said, “We respect the courts decision,” and “We plan to launch our own blockchain business in earnest.”
Meanwhile, Cyworld, which has received approval from the domestic app market One Store, is awaiting approval from Google and Apple, and is scheduled to officially open on April 2nd.
