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South Korea’s Bithumb exchange sell deal on verge of flopping

  • Bithumb operator BTC Korea Holdings could be headed for a legal tussle if the deal fails to sail through.
  • Bithumb official maintains the exchange’s stability will not be affected if the deal flops.

The operator of South Korea’s largest cryptocurrency exchange BTC Korea Holdings is yet to complete the sale of Bithumb almost a year after putting up for sale. BTC Korea Holdings has a 76% stake in the exchange.

As agreed upon in a deal involving Singapore-based BK Global Consortium, BTC Korea Holdings was to sell 50% stake plus one share at $330 million. The deal which was to reach completion by February 2019 has been postponed twice. Moreover, the deadline put in place to ensure the balance of the acquisition amount has also been pushed forward twice.

According to a source familiar with the matter, BK Global Consortium is yet to pay the full amount to complete the deal. Back in April the reason of extension was so that the Consortium could increase its stake to 70%. Initially BK Consortium made a down payment worth $100 million. The down payment could set the ground for a legal case.

In the event the deal fails go through, Bithumb will remain stable under its current management according to an official from the exchange.

Author

John Isige

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

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