South Korean Court Orders Cross Finance to Pay Coinone $260,000 in Compensation

CoinFeed, June 23 – According to Digital Asset, a South Korean court has ordered P2P lending company Cross Finance Korea to pay 360 million won (approximately $260,000) to the Korean crypto exchange Coinone. The ruling stems from a lawsuit filed by Coinone seeking the return of what it claimed was 900 million won in unjust enrichment. The case is a spillover from the massive default crisis in the P2P lending industry between 2024 and 2025, which has now affected digital asset exchanges. According to the court ruling, Coinone began investing in Cross Finance products in November 2023 upon the recommendation of its CEO, surnamed Kwak. The exchange maintained its investment scale between 1 billion and 4 billion won until early August 2024.