According to reports, South Korea’s multi-billion dollar gaming group Nexon plans to buy 65% of the troubled cryptocurrency exchange Bithumb for approximately 500 billion won (US$460 million).
●According to local media reports, Nexon will purchase all the shares owned by Bithumb chairman Lee Jung Hoon, including several others, in total not exceeding 65% of the exchange’s issued shares.
● Since then, the video game giant listed on the Tokyo Stock Exchange has signed a Memorandum of Understanding (MoU) with the seller to facilitate transactions. According to reports, the memorandum of understanding was signed earlier this month.
●Nexon already owns two other cryptocurrency exchanges-South Korea’s third largest exchange Korbit and European exchange Bitstamp. Three years ago, it was acquired for approximately US$80 million and US$400 million, respectively.
●Bithumb, the largest Bitcoin exchange in South Korea, was shocked by the fraud involving the company’s senior employees. The competent authorities of Asian countries are currently investigating financial fraud platforms involving US$25 million.
● Chairman Lee Jung Hoon is accused of making millions of dollars by selling Bithumb’s tokens to customers without listing them. Due to a fraud case, the exchange was sold last year.
●Nexon was established in 1994 and is a major player in the global gaming industry. Its most popular games include “Dungeon and Fighter”, “Kart Rider” and “Nexus: Kingdom of the Wind”.
● In Tokyo trading on Thursday, Nexon shares fell 0.16% to 3,180 yen (30.8 US dollars). The company’s market capitalization is 2.82 trillion yen (approximately 27.3 billion US dollars).
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