South Korean largest cryptocurrency exchange Bithumb is reportedly on sale again. The deal could be worth $600 million.
According to Herald Economy, South Korean cryptocurrency exchange Bithumb, with more than 50% of domestic market share and 4.77 million accounts of user base, could be sold for $600 million. Herald Economy’s sources in the investment banking sector revealed that Bithumb Holdings which owns 74% of Bithumb Korea is currently negotiating a possible sale of its stake in the crypto exchange.
At the beginning of the month, several companies showed interest in buying Bithumb. Potential buyers include foreign investors and domestic private equity funds. The sale price can range from 500 to 700 billion won.
Bithumb was already listed for sale in 2018. Then BK Global consortium was called the likely buyer but the deal never took place due to financial obstacles. Then the deal was estimated at approximately 400 billion won.
Earlier this month, South Korean police raided Bithumb headquarters as part of an investigation into theft and fraud. In September, law enforcement officers from the Intelligence Bureau of the Seoul Metropolitan Police Department raided and ransacked Bithumb’s headquarters in Seoul, confiscating documents and seizing computers. According to media reports, the raid was related to the controversial BXA token issued by the Blockchain Exchange Alliance (BXA) and the Singapore-based BXA consortium.