NBT Subsidiary NCT Marketing Files Criminal Complaint Against Gwak and 7 Others Who Developed 'Second Seoul'

Complaint Filed Against Former Representative Gwak Mo

[Asia Economy Reporter Donghyun Choi] The metaverse platform ‘Second Seoul,’ which divided the entire Seoul area into 6.94 million virtual real estate tiles and tokenized them as non-fungible tokens (NFTs), causing a speculative frenzy at the end of last year, has revealed misconduct by the company’s CEO and executives.

NCT Marketing, a subsidiary of NBT that developed Second Seoul, announced on the 25th that it has filed a complaint against three board members including former CEO Mr. Kwak, as well as four external developers of ‘Second Seoul.’

NCT Marketing, a 100% subsidiary of KOSDAQ-listed NBT that developed Second Seoul, announced on the 25th that it has filed a complaint against former NCT Marketing CEO Mr. Kwak (co-founder of NBT). The main allegations include violations of the Electronic Financial Transactions Act, Capital Markets Act, and breach of fiduciary duty, stemming from the unauthorized launch of the Second Seoul service in an incomplete state during its development phase on December 29 last year, and the service’s termination two days later.

An NCT Marketing official stated, "The unauthorized launch incident of Second Seoul, which originated from the personal misconduct of the accused, has damaged the company’s credibility and harmed the shareholder value of the parent company NBT, which is a listed company. We have determined that this cannot be overlooked and have decided to hold all involved parties legally accountable."

[Rebuttal Report] Regarding Allegations of Misconduct by Executives of Seoul Virtual Real Estate ‘Second Seoul’

Our newspaper previously reported on March 25 and April 4 under the titles “NBT Subsidiary NCT Marketing Files Criminal Complaint Against Mr. Kwak and Seven Others Who Developed ‘Second Seoul’” that misconduct by former CEO Kwak and executives of NCT Marketing, the developer of the virtual real estate metaverse platform ‘Second Seoul,’ had been revealed.

In response, the former CEO Kwak’s side stated, “The allegations of breach of fiduciary duty and other misconduct by the CEO and executives of NCT Marketing are currently under investigation as of April and have not been proven true. The date Mr. Kwak disposed of his shares, January 25, 2022, was about one month after NBT suspended the ‘Second Seoul’ service and dismissed Mr. Kwak on December 29, 2021. The disposal price was only 21,613 won.”

This report is pursuant to mediation by the Press Arbitration Commission.

This content was produced with the assistance of AI translation services.