One of South Korea's largest cryptocurrency exchanges, Upbit, is facing a lawsuit filed by a university foundation for intellectual property infringement. This was reported by Forkast.News.
The Seoul University Industry Cooperation Foundation alleges that the trading platform infringed a patent on an "e-wallet system for secure transactions and its algorithm" it developed. The organisation filed the application on 17 April 2018.
Upbit allegedly used the foundation's claimed solutions to deposit and withdraw funds, store them in cold wallets, detect abnormal transactions and transmit data about them to the regulator.
The organisation is asking the court to ban the exchange from providing services it considers to be its intellectual property.
Upbit said its services worked before the fund filed the patent.
A spokesperson for the university foundation believes that the exchange did not provide services based on the solutions described in the patent prior to the application. The organisation believes that with the system, Upbit has only recently begun to address the challenges of complying with the new rules for cryptocurrency exchanges.
As a reminder, Upbit's management was accused of fraud in 2018. A Seoul court dropped all charges in 2020.
In May 2021, police launched an investigation into the V Global exchange suspected of a $1.5 billion scam.
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