Our Major Cases
Mantra Dao Case
MUNG helped a client secure a victory in a recent landmark lawsuit in Hong Kong involving a Decentralized Autonomous Organization (DAO). It was the World's First HK$6 billion "Decentralized Autonomous Organization" lawsuit, setting the precedent for future cases.
The case involved our client RioDeFi, a blockchain investment company, which had entrusted a $6 billion DAO project, MANTRA DAO, to two employees, John and Will. RioDeFi accused them of gradually reducing project reporting and eventually claiming control over the project, including unauthorized withdrawals from cryptocurrency accounts.
The Hong Kong High Court ruled that the investment funds belonged to RioDeFi and ordered the defendants to disclose financial information, though it did not make a decision on the compensation claim. The project involved 12,000 global investors, with no financial losses reported for Hong Kong residents.
Our very own Ms. Monin Ung commented in a TV Interview, "There are over 200,000 DAOs globally, but none are well-regulated, leading to misuse for personal gain."
Overall, MUNG litigated against an internationally renowned law firm, conducted precise cryptocurrency tracing, and secured key victories, successfully defending our client's rights.
Key outcomes:
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achieved favorable settlement for client.
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obtained an interim injunction from the Hong Kong court prohibiting the defendant from disposing of cryptocurrency assets and infringing the plaintiff's trademark.
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secured a mandatory and ongoing financial reporting and disclosure order from the Hong Kong High Court.
See: Mantra DAO Inc. v John Patrick Mullin & Ors (HCA 749/2022; [2024] HKCFI 2099)
