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We are pleased to share an important update regarding the results of our long-running legal case with Mark Shin. As previously announced, the U.S. District Court for the Northern District of California ruled in favor of the ICON Foundation, affirming that Shin had no rightful claim to the bug-generated ICX and was unjustly enriched by his exploit.
In a final decision, the Court awarded ICON all requested legal fees and ordered that the remaining seized assets be converted into ICX and destroyed. This outcome represents a complete victory for ICON and the ICX community.
"The court's order confirms that the world of digital assets is not the wild, wild west, code is not law and basic equitable principles apply to cryptocurrency,"
- Christopher Wanger, Partner at Manatt, Phelps & Phillips LLP
We would like to extend our appreciation to both the ICX community for their patience and support, and to the legal representation of Manatt, Phelps & Phillips LLP and Morrison Cohen LLP, during this long case. This ruling sets an important precedent for decentralized networks, that code is not de-facto law, and entities have the ability to protect their operations against exploits.
For your convenience, you can download:
The court order for the original summary judgement here.
The judgement on our motion seeking compensation here.
