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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Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.