One of the largest cryptocurrency transactions can be sold, as South Korea’s pioneer Bithumb is supposedly looking for a buyer.
Per Herald Kyungjae, sources in the venture bank informed the news source that the administrator of Bithumb, Bithumb Holdings, is effectively looking for a way out of the market. The holding company claims a 74% stake in the deal and will look for a deal of up to $602 million at a base cost of $430 million, according to news sources.
They guarantee that the holding organization called the accounting association Samjong KPMG, a joint venture jointly managed by the accounting firm KPMG “Huge Four” to speed up the transaction.
However, selling Bithumb will not be an easy way – administrative problems can frighten several buyers, as Virtual Resource Cooperatives (VASP) will be subject to new strict police measures from March.
Bithumb property also best deals with problems. A failed proposal by BK, led by one of South Korea’s most renowned plastics experts, ended with BK refusing to pay its controlling share of Bithumb.
Moreover, the police allegedly withheld some of the Bithumb stock belonging to Lee Jeong-hoon’s association director, who was allegedly charged with misrepresentation and theft. Functioning police check on BK, its leader Kim Byung-firearms, and Lee’s alleged contribution to the Token called BXA continues.
However, an anonymous VC representative stated that disagreements over administrative rights and the intransigent situation among investors due to the complex administrative structure of Bithumb «held Bithumb back for a long time» and the current owners must now give up the firm.
The source of the news reported that potential buyers had just started an investigation into the possible takeover, and this month “several gatherings submitted letters about the targets”, demonstrating that the deal could be close.
According to Coinmarketcap, the 24-hour trading volume remains just under $261 million.