South Korean Gaming Giant Planning to Buy Crypto Exchange Bithumb for $460 Million

South Korean Gaming Giant Planning to Buy Crypto Exchange Bithumb for $460 Million


Nexon, the South Korean multi-billion-dollar gaming conglomerate, is reportedly planning to buy a 65% stake in troubled crypto exchange Bithumb in a deal worth about 500 billion won ($460 million).

● According to local media reports, Nexon is to buy all the shares owned by Bithumb chairman Lee Jung Hoon, including several others totaling up to 65% of the exchange’s outstanding shares.

● The Tokyo Stock Exchange-listed video gaming giant has since signed a memorandum of understanding (MoU) with the sellers to facilitate the transaction. The MoU was signed at the beginning of this month, said the reports.

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● Nexon already owns two other crypto exchanges – Korbit, Korea’s third-largest exchange, and European exchange Bitstamp, which it acquired for around $80 million and $400 million, respectively, three years ago.

● Bithumb, Korea’s largest bitcoin exchange, has been rocked by issues of fraud involving top company staff. Authorities in the Asian country are currently investigating the platform for financial fraud

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