The Hong Kong subsidiaries of Bithumb, South Korea’s largest Bitcoin exchange, faced legal action for breach of contract and senior management, including the exchange’s owner, were accused of committing fraud. The executives are accused of fraud amounting to 100 billion won.
The senior executives of the bitcoin exchange Bithumb are accused of committing fraud!
The lawsuit will be filed by the exchange’s former Thai partner, who filed a separate lawsuit in South Korea last year. The former partner filed a civil lawsuit against two subsidiaries Bithumb Global Holgs (BGH) and GBEX after learning that Bithumb plans to reopen an exchange in Thailand.
Bithumb first announced plans to open subsidiaries in Japan and Thailand in 2017. But in 2018, the Thai partners realized that executives had made empty promises to sell a token called BXA, issued by BK Group Chairman Kim Byonggun. It also attempted to list the Bithumb token in 2018, but the group’s plans to list the token failed as it was.
The Thai partner explained the backstory
The Thai partner said:
After Bithumb stopped the production of the BXA cryptocurrency, its Thai dollar series became redundant, so the company unilaterally stopped its operational dollar series in Thailand, which caused us serious harm. BGH and GBEX jointly own a 49% stake in a joint venture in Thailand and are a 100% subsidiary of Bithumb Korea. This is why we filed a lawsuit against Bithumb Korea last year and recently decided to file a lawsuit in Hong Kong against Hong Kong subsidiaries. These are the leaders who are more directly involved with this issue… After collecting a significant upfront payment in the BXA token, not listing it on Bithumb has resulted in heavy losses for investors.
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