Join Brave

The price of OmiseGO (OMG), a token underpinning a second-layer solution for scaling on Ethereum, pumped more than 12% on Friday on the back of an unconfirmed report that claimed the project’s “sister” (originally parent) company, Omise, was acquired for $150 million by Thailand’s largest private company, Charoen Pokphand Group (CP Group).

According to the report by The Block, several inside sources confirmed the deal, which allegedly brings Omise, one of the largest payment gateways in Thailand with a presence in Singapore, Japan and Indonesia, under the ownership of the Chearavanont family, Asia’s fourth-wealthiest family.

However, in a strange twist, Omise and OmiseGo founder Jun Hasegawa took to Twitter to refute the claims made in the article, indicating that the company has reached out to The Block to “rectify the article.”

The Block has yet to publish a redaction and the lead writer, Frank Chaparro, has doubled down on the info he received from the anonymous sources. However, the article has been updated to reflect Omise’s denial of the acquisition and the fact that OmiseGo, a subsidiary of Omise Holdings, was responsible for the 2017 ICO of OMG, not Omise.

This latest drama comes around a month after OmiseGo launched Plasma MoreVP (More Viable Plasma) on the Ethereum testnet. The project more recently introduced a new architecture for building plapps (plasma apps) on one generalized plasma chain by establishing a clean separation between the plasma layer and the application layer.

🚀  Volatility (VIX) Spikes as Global Markets Sell Off

After jumping to $2.10 on the news, OMG is now down 5% on the day to $1.89, giving the altcoin a market cap of $265.4 million.

More: Thailand’s richest company acquires firm behind OmiseGo token for more than $100 million
Similar: Trade Alert: OmiseGO (OMG) Pumps 8% on Plasma Protocol Alpha Release

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.

Robinhood