Bithumb Sells Off 38% Of Its Stake For $350 Million

Oct 12, 2018 at 12:41 Update Date :Feb 27, 2019 at 07:46 UTC

Bithumb, the South Korean’s largest cryptocurrency exchange has sold more than 38 percent of its ownership which is worth 400 billion Won, i.e. around $350 million, to a Singapore based blockchain consortium.

As per the reports, on October 11, Bithumb confirmed the deal with a blockchain investment firm of BK Global– BK Global Consortium, which is a plastic surgery medical group based in Singapore.

A company, BTC Holdings, agreed to sell 50 percent of that 76 percent which they currently own, to BK Group, which is actually a step that would make the latter biggest when it comes to controlling Bithumb.

The chairman of BK Group and a plastic surgeon, Kim Byung Gun, will soon be the largest shareholder of Bithumb because the deal valued Bithumb at around $880 million which is more than 1 trillion won.

Kim Byung Gun, crypto investor and founder of initial coin offering (ICO) firm and platform. In August, he founded ICO in Singapore.

South Korea has emerged as the top bitcoin markets, which accounts more than 20 percent of BTC transactions i.e. around 10 times the share of global economy. But the country’s exchanges have faced numerous attacks by hackers resulted into loos of millions of dollars.

Currently, Bithumb has more than 1 million customers but hacking attack in June resulted into loss of more than $30 million US dollars. Bithumb, in the past, was forced to suspend account registrations for almost the whole of August after it failed to counter the problems with the banking partner. This resulted in a significant drop in trading volume.

Coincheck, the Japanese cryptocurrency exchange, earlier this year, came under the online broker Monex for a nominal sum of $33 million. The exchange also lost around $530 million in the hack occurred in January.


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