'Kim & Chang Law Firm' will help Cyworld on application for injunction
‘Kim & Chang Law Firm’ applied for an injunction as a representative of Beta Labs for Cy Club
Ho-gwang Kim, CEO of Beta Labs which is the operator of the CyClub, applied for an injunction against three companies including CyworldZ, HJD Invest, and Poeo Company to the Seoul Central District Court for 'injunction on prohibition of business interruption such as issuing cryptocurrency'. It is said that all of the separate blockchain-related businesses that CyworldZ has been promoting recently should be stopped based on the memorandum of understanding on March 16 of last year and the agreement on issuance of coins on April 14.
CyworldZ has been claiming that 'Cyclub is using Cyworld's logo by stealing it without permission', but CEO Hogwang Kim's side has been arguing that CyClub has comprehensive rights, such as the right to use the Cyworld logo CI and linkage with the Cyworld platform, the right to use content resources, the right to rebrand the Bithumb listed coin as a Cyworld family brand, the Cyworld platform linkage, and the domain linkage according to the existing agreement.
“We have already confirmed that CyClub has a monopoly position through three large domestic law firms,” CEO Kim Ho-kwang claimed.
"This application for injunction appears to be preventing CyworldZ's recent efforts to issue coins related to Cyworld and rebranding of Conan Coins with 'Conan Korea'," an industry expert explained the background.
The application for injunction states that the Cyclub side should not use the name 'Cyworld', and it should not interfere with all operational activities such as issuance, distribution, listing, and profit sharing of cryptocurrencies, virtual currencies, and all business activities related to mainnet development. It is stated that CyworldZ must not grant, transfer, or lease the relevant authority to a third party, act alone, or engage in any legal acts.
“If the injunction application is cited by the court, it is highly likely that the blockchain business being promoted by CyworldZ will get a hard hit,” an industry insider said.
While attention is focused on the court's decision on application for injunction, the fact that Korea's largest law firm, 'Kim & Chang', is standing in court on behalf of CyClub is also becoming a hot topic among stakeholders. “Since Kim & Chang Law Firm is backing CyClub, there seems to be a high probability that CyClub will win,” an industry insider said.
With the deepening conflict after CyworldZ's unilateral dismissal of CEO Kim Ho-gwang from its respective CEO position at the end of last year, attention is focused on what will be the outcome of the court ruling.
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