Court orders Cross Finance to pay Coinone $260K

A court has ordered peer-to-peer (P2P) lending firm Cross Finance Korea to pay 360 million won (about $260,000) to South Korean crypto exchange Coinone, Digital Asset reported. The ruling stems from a lawsuit filed by Coinone seeking the return of 900 million won in what it claimed was unjust enrichment. The case marks a spillover from a large-scale non-settlement crisis in the P2P lending industry between 2024 and 2025, which has now affected digital asset exchanges. According to the court's decision, Coinone began investing in Cross Finance's products in November 2023 at the recommendation of its CEO, identified by his surname Kwak. The exchange maintained investments ranging from 1 billion to 4 billion won until early August 2024.