Marco Verch / Flickr

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.

More:¬†Korea’s Largest Bitcoin Exchange Sold in $350 Million Deal
Similar: Bithumb Still Made $35 Million in the First Half of 2018 Despite Being Hacked
Photo: Marco Verch / Flickr

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.



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