Founder of a Thai-based trading website that opened in 2018 and shut down due to internal issues and resulted in not being licensed from. The SEC therefore ordered the assets to be returned to customers after it emerged that many customers had not received the assets returned and there were litigation.
Originally, Coin Asset Company Limited or CoinAsset was a Thai cryptocurrency trading platform that was launched in 2019 with Mr. Siwanus Yamdee as one of its founders. which, after working for a while, encountered a huge obstacle that caused it to be closed down in the end Due to internal problems resulting in not receiving a digital asset business license from the SEC, the SEC has ordered companies to transfer or return assets to customers or according to customer orders. and asked to notify the SEC of the operating results.
While CoinAsset closed, many customers did not return their assets. The most non-refundable asset to customers is the JFin token, so the victims filed a lawsuit against Siwanus Yamdee, the founder of the CoinAsset exchange, until a lawsuit arose.
According to Siwanus Yamdi, after the lawsuit was filed, he searched for JFin tokens and found an address containing 2,699,163 JFin tokens. The employer kept the private key for himself and refused to hand it over as CoinAsset had no payment left over to the software developer. As a result, the victim filed a lawsuit against the software development company, where Mr. Siwanus Yamdee was acting as a witness. Until finally, the software development company agreed to deliver the private key back.
As of February 25, 2020, Mr. Siwanus Yamdee issued a press release saying that he had delivered 2,699,163 JFin tokens that were recovered from a court litigation from a software company and delivered to the company. A 3rd party law is responsible for overseeing and processing the return of JFin tokens to owners of JFin tokens, provided that the token owner simply presents proof of ownership to the said law firm for the tokens to be returned. In details in this section, Mr. Siwanus Yamdee has revealed that he has entered into a contract between and a third-party law firm as evidence.
According to Siwanus Yamdi, on November 6, 2021, it was the first case he had been contacted by the owner of a JFin token in which the owner of the JFin token claimed he could not accept the token. Returned because the company said that it was not approved by Mr. Siwanus Yamdee, he therefore hurried to proceed and wondered why this round had to be approved by him. Inquiries were made to the legal press company that administers JFin, the token that was obliged to deliver to the owner. As a result, it was revealed that all the tokens brought to sue were 2,699,163 tokens, 1,070,579 tokens were returned to the court, and the remaining 1,628,583 tokens were managed, after which they were handed back to the owners who presented themselves again. 21 cases, totaling 834,411 tokens, and 794,172 tokens must remain, but the remaining amount, according to the law firm, has been deducted as a judgment fee.
Mr Siwanus Yamdee said that he looked back at the above-mentioned contract, which was written on February 25, 2020 at the North Bangkok District Court Building. The digital asset owner or a 3rd party law firm will return the JFin tokens, provided that the contract states that 10% of the remaining tokens per month x the market price as of the calculation date will be charged a gratuity fee. Mr. Siwanus Yamdee therefore sees it as a reason for not having enough coins to return to investors, which Mr. Siwanus Yamdee admits to being partly due to his own mistake in not reading the contract thoroughly.
Siwanus Yamdee, the founder of the CoinAsset asset exchange, wanted to use this space to bring another side of the story and question whether the law firm deduction of owned assets was a legitimate act. As these assets are not owned by CoinAsset and would like the law firm to come out and explain in detail to the victims of this information. As a legal company that has the right to return JFin tokens to its true owners. If the fee is actually deducted according to this amount, it should be returned to the real owner.
Currently, six owners of JFin have contacted for approximately 250,000 JFin undelivered tokens. Mr. Siwanus Yamdee has said that he will come out to help the victims who have not returned tokens from the law firm and will take all legal means to get them, including to show their own purity as well