Bithumb Sells Stake in $350 Million Deal

TotalNews1

Total News – Atlanta, GA 10/12/2018. Bithumb, the largest cryptocurrency exchange in South Korea by trading volume, has been sold to Singapore-based BK Global Consortium.

According to a report by Bloomberg, Kim's BK Global Consortium signed a deal to buy 50 percent plus one share of BTC Holding Co., the largest investor in Bithumb's operator, for about 400 billion won ($352 million).

The report added "the transaction by Kim's BK Global Consortium will be completed in February, the spokesperson said. Kim made his fortune investing in technology and biotech startups and last year formed a blockchain analysis and crowdfunding company in Singapore"

BK's leader, plastic surgeon and investor Kim Byung-gun will be the main shareholder once the deal is finalized. Currently, BK Global Consortium is the fifth-largest shareholder of BTC Holding.

Bithumb has been attacked by hackers in June where they stole more than $30 million worth of cryptocurrencies.

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