Thai Firm Threatens Bithumb with Civil Lawsuit
One of the Thai firms accuses Bithumb of the fact that the cryptocurrency exchange caused serious damage to it due to the unilateral suspension of its business in the country.
According to local media reports, the Bithumb branch faces a civil suit in July by an ex-partner in Thailand that has suffered heavy losses as a result of the indiscretion of the South Korean marketplace.
The firm, whose name has not yet been released, said that Bithumb's plans did not actually include establishing a unit in Thailand. The plaintiff's side insists that the crypto exchange just wanted to trade BXA tokens, significantly expanding the scale of its residence in the country's market. As a result, the firm was misled, and then Bithumb suspended its business, causing significant financial and reputational losses to the prosecutor.
The plaintiff argues that the decision to file a suit against the representative office of Bithumb in Hong Kong is due to the fact that it has a more direct relation to the lost funds than other subsidiaries of the South Korean exchange. At the same time, the firm noted that in case of emergency, it can formulate an identical claim on behalf of the ex-partner of Bithumb in Japan.
Recall that around the BXA token, there is, to put it mildly, an ambiguous situation. Firstly, it was never launched, despite large cash infusions from market participants. Secondly, BXA became the center of a scandal, as a result of which South Korean law enforcement agencies carried out several raids on the company's offices as part of a scam investigation by the Bithumb’s chairman Lee Jong Hoon's, worth $25 million.