Upbit, one of South Korea’s largest cryptocurrency exchanges, has faced a lawsuit filed by a university foundation for infringement of intellectual property rights.
The Seoul University-Industry Cooperation Foundation claims that the trading platform infringed a patent on its “Secure Transactions Electronic Wallet System and Algorithm.” The organization applied on April 17, 2018.
Upbit allegedly used the solutions announced by the fund to deposit and withdraw funds, store them in cold wallets, detect abnormal transactions and transfer data about them to the regulator.
The organization asks the court to prohibit the exchange from providing services that it considers its intellectual property.
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Upbit said its services were working before the foundation filed a patent.
“The public launch of Upbit took place in October 2017. It seems obvious to us that there is no violation, even without evidence of the previous application of this system, “the publication quotes the statement of the exchange.
The representative of the university fund believes that before the filing of the application, the exchange did not provide services based on the solutions described in the patent. The organization is confident that with the help of the Upbit system, it has only recently begun to solve problems related to compliance with the new rules for crypto exchanges.
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“It would be better to solve the problem by mutual agreement, but if not, we will take decisive measures to protect our patent rights,” said a representative of the foundation.