Just weeks earlier than regulators decide the fate of home preliminary coin choices (ICOs), certainly one of South Korea’s largest cryptocurrency exchanges is altering fingers.
A consortium led by a superstar plastic surgeon has simply purchased a controlling stake in Bithumb for $353 million.
Bithumb will now be instantly managed by Singapore-based funding group BK Global Consortium, after it bought a 50-percent stake (plus one share) from its largest shareholder, BTC Holdings Co., Bloomberg reports.
To confuse issues, BK Global can be a significant shareholder in BTC Holdings. BK Global have successfully ‘doubled-down’ on its funding, by promoting itself sufficient shares to have direct management over Bithumb.
Running BK is Kim Byung-gun, certainly one of South Korea’s premier plastic surgeons and founding father of the BK Plastic Surgery Hospitals, first in Seoul, then Singapore.
Bithumb is presently the second largest cryptocurrency exchange on this planet by reported volume, with extra BTC flowing by way of it than world exchange Binance.
It’s worth noting Bithumb does not boast a perfect track record. Just a few months ago, it was dealing with a $31 million loss after hackers laid waste to its working accounts in a heist lasting hours.
Just months earlier than, it was ordered to cough up $27 million in back-taxes it had failed to pay.
Bithumb is predicted to formally change fingers in February, some three months after authorities regulators resolve whether or not to uphold its strict ban on public ICOs.
The authorities’s prime monetary regulator warned his parliament of a significant fallout if the federal government lifts its ICO ban – nonetheless he didn’t go into element of his issues on the time.
It actually appears BK Global isn’t afraid.
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Published October 12, 2018 — 10:54 UTC