Sale of crypto exchange Bithumb likely scrapped
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.”
The crypto exchange Bithumb’s headquarters in Seoul