Former Friends Face Off in Court Over Failed Crypto Investment
On Monday, April 22, 2024, Myung Hwan Wee filed a lawsuit against his former friend Joseph Sun Bin Kim in Los Angeles Superior Court, alleging breach of contract, fraud, conversion, and unjust enrichment relating to failed cryptocurrency investments.
According to the complaint, Wee and Kim have known each other for many years, having attended the same high school. In early 2022, Wee became interested in investing in crypto and metaverse projects after learning about opportunities in these emerging technologies. He connected with Jaesun Lee of Studio Metaverse Corp., who promised lucrative returns if provided initial investment for NFT development.
In April 2022, Wee sent $250,000 worth of cryptocurrency to Lee. Several months later in August, Wee mentioned this investment to Kim, who also decided to invest independently after hearing about the potential. Though Wee did not solicit Kim’s investment, he agreed to send Kim’s $30,000 to Lee in New Jersey since they did not know each other.
Lee consistently delayed releasing any NFTs as promised, providing no returns or products to investors by mid-2023 despite multiple deadlines. Both Wee and Kim subsequently demanded their money back, but Lee became non-responsive.
Further complicating matters between the former friends, in July 2023 Wee gifted Kim 8,000 units of BTC mobicks, a digital currency, as a show of goodwill. Kim then sought the immediate return of his $30,000 investment and offered to return the crypto if paid. Wee complied and wired the money on July 23rd.
However, Kim did not uphold his end of the verbal agreement and has not returned the BTC mobicks or responded to additional demands, according to the complaint. With the crypto’s value having appreciated greatly since mid-2022, Wee is now claiming over $100,000 in damages from Kim alone for breach of contract, fraud, unlawful conversion of assets, and unjust enrichment.
The lawsuit filed by attorney Dok Kim of Los Angeles also lists 25 Doe defendants who may have played unspecified roles in the dealings. It alleges Kim intentionally misrepresented his intentions to receive the $30,000 payment, knowing he had no plans to return the crypto. Wee maintained that all conditions of the verbal contract were met in good faith.
Please contact BlockTribune for access to a copy of this filing.
