Sale of crypto ex­change Bithumb likely scrapped

The Korea Times - - FINANCE - By Jhoo Dong-chan [email protected]­re­atimes.co.kr

The sale of Bithumb is likely to end in fail­ure as the Sin­ga­pore-based con­sor­tium failed to meet the dead­line for pay­ment, sources said Mon­day.

BK Global Con­sor­tium, a plas­tic surgery med­i­cal group in Sin­ga­pore, was sup­posed to pay the re­main­ing balance for ac­quir­ing a 50 per­cent stake and one share in BTC Korea Hold­ings by the end of Septem­ber, but has yet to pay the re­main­ing balance.

Own­ing a 76 per­cent stake, BTC Korea Hold­ing is the largest share­holder of the na­tion’s largest crypto ex­change.

Last Oc­to­ber, the con­sor­tium inked a deal to buy 50 per­cent and one share of BTC Korea Hold­ings for 400 bil­lion won ($352.5 mil­lion). It paid 11.3 bil­lion won in the month as a down pay­ment.

BK Con­sor­tium had planned to se­cure cash for the takeover by list­ing a new vir­tual coin, but failed to do so due to the de­cline of the global cryp­tocur­rency mar­ket.

“We know noth­ing about the deal. The mat­ter is be­tween share­hold­ers,” a Bithumb of­fi­cial said. “This won’t in­flu­ence the crypto ex­change since Bithumb’s op­er­a­tion is solid with or with­out stake­hold­ers.”

Yon­hap

The crypto ex­change Bithumb’s head­quar­ters in Seoul

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