A Lawsuit Filed Against Bithumb’s Hong Kong subsidiaries In Thailand

A Thailand based firm filed a lawsuit against Bithumb’s Hong Kong entity to halt their business startup in Thailand without a two sided decision.

According to a report on Korea Times on Tuesday, a firm which is based in Thailand filed a lawsuit against Bithumb’s Hong Kong subsidiary because they indirectly cheated in contract based business which was supposed to launch in Thailand as a subsidiary of Thumbs subsidiary.

The firm which filed this lawsuit is not known perfectly but its name is plaintiff firm. This thai firm invested in a future project (Crypto Exchange in Thailand as a subsidiary of Bithumb’s). 

This lawsuit is filed against Bithumb’s Hong Kong subsidiaries, including Bithumb Global Holdings and GBEX and also against companies top executives.

According to plaintiffs firm, Bithumb’s subsidiary Hong Kong based authorities were involved in the activities to start a Cryptocurrency Exchange in Thailand as another subsidiary of Bithumb. 

It is also known that many top executives of Korean subsidiary of Bithumb’s also invested in this project. 

The idea to launch the exchange was introduced in 2018 but according to the plaintiff firm they didn’t inform them about the launch and also they didn’t inform them regarding the halt of launch plans.

Firm also believes that Bithumb never planned to launch any cryptocurrency in Thailand, That was only planning to deceive investors at such a big level and also Bithumb sold all of BXA coins.

And also the advocate of the firm noted that Bithumb Global Holdings and GBEX together have 49% of the stake of Thailand and the rest of it is held by Bithumb Korean.

Plaintiff Spokesperson also stated that they will file separate lawsuits against another subsidiary of Bithumb which are not involved directly but they have their hands in this matter indirectly, so they will also take action against them.

Read also: Beijing Firm Is Ordered To Close Any Type Of Crypto Related Activities