The Largest Bitcoin (BTC) Exchange in Korea – Bithumb – Sells 38% of Its Shares for $350 Million

Bithumb just confirmed that it has sold over 38% of its total shares to a Singapore-based blockchain consortium. Bithumb is presently the largest digital currency trading platform in South Korea in terms of trading volume.

The trading platform sold 38 percent of its shares for $350 million, which is equivalent to 400 billion Korean won (KRS).

The trading platform closed the deal on the 11th of October. The Singapore-based blockchain consortium firm involved in the deal is BK Global Consortium. The blockchain consortium is a blockchain investment company that was established by BK Global – a Singapore-based plastic surgery group.

Bitcoin (BTC) Price Today – BTC / USD

Name Price24H (%)
Bitcoin (BTC)
$6,481.56
-0.05%

BTC Holdings Company owns 76% of the trading platform’s equity. The firm has agreed to sell 50% of the shares it owns to BK Group. After the completion of this transaction, BK Group will become the major controller of the largest digital currency trading platform in Korea – Bithumb.

The Net Worth of Bithumb

Bithumb is currently worth about $880 million, which is over 1 trillion Korean won. When the deal is complete, the chairman of BK Group – Kim Byung Gun, who is also a plastic surgeon – will be the highest shareholder of the largest Bitcoin (BTC) trading platform in Korea.

According to a report, the chairman of BK Group is also an early digital currency investor. He founded an ICO platform and ICO consulting company in Singapore back in August.

Bithumb Has Had a Pretty Tough Profitable Year

The shareholders of Bithumb recently revealed the financial numbers of the trading platform. The shareholders revealed that the platform made net profits of about $35,000,000 in the first six months of this year. The trading platform had a pretty rough Q2, as it lost $40,000,000 to hackers in June.

The platform also stopped the creation of new accounts on the platform after this incident. This resulted in a significant decline in the trading volume on the platform. Nevertheless, the platform lifted this policy and resumed the creation of new accounts, withdrawals, and deposits.

Research Shows China Has Several Ways to Kill Bitcoin and Damage the Stability of Blockchain

A recent publication by researchers at Florida International University and Princeton University shows that China has several motives and means to kill Bitcoin (BTC). The publication revealed that the nation can significantly damage the stability of blockchain. The publication talks about the hat and love relationship between China and digital currencies.

The government of China has a restrictive policy against the use of digital currencies in the nation. However, mining activity is very popular in the nation. The publication also revealed the ease with which a 51 percent attack could be executed due to the fact that the mining ecosystem of Bitcoin (BTC) is centralized.

The report shows that more than 80% of Bitcoin (BTC) mining is carried out by 6 mining pools. Five of those mining pools are situated in China. No single pool has the capacity to carry out this attack. However, because 74 percent of Bitcoin’s total mining power is situated in China, it is possible and easy for such an attack to be carried out if the pools decide to or if they are forced by the Chinese government.

The publication revealed 19 different ways China Could kill Bitcoin (BTC). However, Bitcoin (BTC) is not the only crypto in this situation. Other digital currencies like Bitcoin Cash (BCH) and others have also been criticized for being heavily centralized.


SEE ALSO:   Bitcoin (BTC) Maintains Steady Transaction Fees Even After Congestion on Network Reaches 95 Percent – BTC News Today

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