Bithumb, once the 7th largest crypto exchange by trading volume, has reportedly sold a 38% ownership stake to a blockchain consortium based in Singapore for 400 billion won ($350 million).
According to a breaking report by Coindesk, Bithumb’s BTC Holdings Company confirmed the sale Thursday to BK Global Consortium, a blockchain investment firm formed by Kim Byung Gun, a plastic surgeon and chairman of BK Group. BTC Holdings Co., previously the largest shareholder in Bithumb, has sold half of its 76% share to BK Global.
Gun has reportedly launched his own initial coin offering (ICO) consulting firm and platform in Singapore and is a well-known early investor in the industry.
The sale values Bithumb at $880 million, despite the exchange suffering a hacking event in June that resulted in about $30 million worth of cryptocurrencies stolen from the platform. Bithumb was able to bring in ~$35 million in revenue through the first half of this year.
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