Bithumb deal with BK Global may collapse

Posted 01 October, 2019

A deal worth more than $300 million to acquire the Bithumb cryptocurrency exchange may not be completed after almost a year since the decision to sell the exchange. The deal was expected on September 30.

On October 12, 2018, BTC Korea Holdings, the operator of Bithumb and the owner of a 76% stake, agreed to sell 50 percent and one share for KRW 400 billion ($333 million) with Singapore-based BK Global Consortium, as the local press reported

Representatives of the company said that the Singapore consortium provided the agreed amount only partially. In April, the terms were extended with the proviso that BK Global Consortium will acquire 70% of the shares instead of 50%. Last year, BK Global Consortium transferred $100 million in advance and planned to issue its own digital currency, but did not do this due to adverse market conditions. This payment may be subject to further litigation.

In September, BK Global Consortium found another investor, the owner of Cornerstone Networks, Cho YoonHyeong. According to unofficial information, Cho invests KRW 150 billion in company.

“The deal is proceeding smoothly, and we’re working on details with BTC Holdings,” - he said, adding that he expects to complete the acquisition soon

A Bithumb spokesman did not confirm details of the deal but stated: 

“Bithumb has stable management, so there won’t be any impact should the deal collapse.”

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