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 Inc., a blockchain investment company which successfully incubated blockchain projects under its wings. ​

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Our very own Ms. Monin Ung commented in a TV Interview, "There are over 200,000 DAOs globally, but it is a fact that not many are well-regulated or have in place an effective governance structure. What constitutes a DAO is debatable and indeed a DAO could comprise complex legal rights and obligations." 

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Overall, MUNG litigated in this case for over three years, conducted precise cryptocurrency tracings, explored legal propositions with a variety of experts and reached a satisfactory outcome for all concerned. 

 

Key outcomes:

1. achieved favorable settlement for client;

2. advanced legal proceedings and arguments relentlessly in novel legal concepts; and 

3. secured a mandatory and ongoing financial reporting and disclosure order from the Hong Kong High Court.

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See: Mantra DAO Inc. v John Patrick Mullin & Ors (HCA 749/2022; [2024] HKCFI 2099)