Analysis Group Cohosts Panel on Cryptocurrency and AI in Shareholder Disputes at the 2025 ADR Festival in Seoul

December 1, 2025

Analysis Group Vice Presidents Mark Berberian and Hyun Lee joined a panel discussion moderated by Rohit Bhat (Freshfields) on cryptocurrency and AI in shareholder disputes at the 2025 Seoul ADR Festival, which is a week of arbitration-related programming. The panel, which was cohosted by Analysis Group and Freshfields, also featured insights from Nick Lingard (Freshfields), John Choong (Freshfields), Sup-Joon Byun (Kim & Chang), Saemee Kim (Lee & Ko), and Seokchun Yun (42Dot).

The speakers began the discussion with observations of emerging trends in recent shareholder disputes, including how valuation and liability issues have evolved in AI and crypto-related arbitrations. Mr. Berberian shared insights on cryptocurrency valuation issues, including the use of discounts to account for liquidity. Dr. Lee presented valuation approaches for highly volatile, early-stage firms, such as those in AI, and discussed other common valuation concerns in shareholder disputes, including the interplay between valuation date as a legal construct and as a method of economic measurement, particularly in the context of highly volatile assets.

The panel concluded by exploring the Korean phenomena of crypto assets trading at a premium and equities trading at a discount compared to global prices, known as the “Kimchi premium” and the “Korea discount,” respectively. Speakers noted that both concepts frequently arise in shareholder disputes and discussed what these phenomena reveal about investor behavior, market efficiency, and governance in Korea. The panelists shared their perspectives on the future of these premiums and discounts in light of an evolving regulatory environment.