South Korea’s largest trading platform Bithumb faces a lawsuit and charges against its top executives
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Answer South Korea’s largest trading platform Bithumb faces a lawsuit and charges against its top executives
Subsidiaries of parent company Bithumb, which is based in South Korea, are facing a lawsuit for breach of legal contracts.
Senior executives, including the platform owner, have been indicted and charged with fraud.
The top executives are facing criminal charges of fraud worth 100 billion won (approximately $88 million).
The lawsuit will be brought by the company’s former Thai partner, who previously filed a separate lawsuit in South Korea last year.
The former partner will file a civil lawsuit in Hong Kong against two subsidiaries:
“Bithumb Global Holdings (BGH)” and “GBEX”.
This is after discovering that Bithumb is planning to open a trading platform in Thailand again.
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Bithumb first announced its plans to open subsidiaries in Japan and Thailand in 2017, but by 2018, the Thai partners realized that executives were only making empty promises to sell BXA cryptocurrency issued by the group’s head, who promised that the currency would be New listed on Bithumb soon.
But all previous promises failed, including plans to include the coin.
The plaintiff stated:
After Bithumb halted its BXA cryptocurrency operations, its operations in Thailand became unnecessary, so the company unilaterally terminated its business in Thailand, causing great damage to us.
BGH and GBEX collectively hold a 49 percent stake in the joint venture in Thailand, which are wholly owned subsidiaries of Korea’s Bithumb, so we filed a lawsuit against Bithumb executives last year and recently decided to file lawsuits in Hong Kong against the Hong Kong affiliates.
and their CEOs, who are more directly connected to this issue.
After collecting a large down payment on BXA, the failure to list the coin on Bithumb caused huge losses for investors.
Why was the lawsuit filed in Hong Kong?
The Thai partners revealed that the decision to file a lawsuit in Hong Kong arose after no action was seen against the perpetrators in South Korea, and the lawsuit has been pending at Suseo Police Station in Seoul for nine months.
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The group also plans to file a lawsuit in Japan against Bithumb in the near future.
This means that Bithumb will suffer from legal and regulatory problems in the coming period, and its users should be careful.
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