Bithumb Acquisition Deal ‘Off’ as Chinese, American Investors Close in

South Korean cryptocurrency exchange Bithumb is likely to end up “in Chinese or American hands” with the company that had agreed to buy the exchange expected to default on payment.

As previously reported, South Korean-owned, Singapore-based BK Consortium last October agreed to pay some USD 350 million for a controlling stake in the company of 50% plus one share of Bithumb.

But per details revealed by newspaper Hanguk Kyungjae and news agency Yonhap, BK only paid out an initial USD 100 million when the sale was announced, with the rest due to follow at a later (unnamed) date.

However, it appears that BK has missed a number of payment deadlines, with media outlets stating that BK is “unlikely” to meet any further repayment obligations to Bithumb’s original owner, BTC Holding Company.

Although the exact due date for the final payment has not been publicized, a South Korean cryptocurrency industry insider told that they thought the deadline was “likely to be” some time this week.

The insider, who asked not to be named, also told,

“A number of big-name exchange operators from both China and America have been aware of the forthcoming Bithumb opportunity for several weeks.” Read More...

#Bithumb #SouthKorea #US #China