[Successful Case – Claim for Substitutionary Payment in Cryptocurrency Case – 2019가단116628]
Hwaum Law Office represented the defendant in a case involving a claim for payment in Korean won as a substitute for the delivery of cryptocurrency (virtual assets), specifically Ethereum.
Hwaum Law Office successfully obtained a judgment holding that the date for determining the conversion value of Ethereum into Korean won, for purposes of substitutionary payment, should be the date on which the trial court proceedings were concluded, rather than the date agreed upon for delivery of the Ethereum. As a result, the defendant prevailed with respect to approximately four-fifths of the amount claimed.
This judgment is significant in that it follows the precedent established by the Busan District Court Western Branch in its judgment of October 23, 2018 (Case No. 2017가단11427), which held that where delivery of cryptocurrency (virtual assets) is impossible and monetary compensation in Korean won is sought, the amount should be calculated based on the value of the cryptocurrency as of the date of conclusion of the trial proceedings.
More specifically, the present judgment clarified that, where the parties have agreed that Korean won will be paid as a substitute for the delivery of cryptocurrency, the applicable conversion date for a claim seeking such substitutionary payment is likewise the date on which the trial proceedings are concluded.
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