Simply weeks earlier than regulators decide the fate of home preliminary coin choices (ICOs), certainly one of South Korea’s largest cryptocurrency exchanges is altering arms.
A consortium led by a celebrity plastic surgeon has simply purchased a controlling stake in Bithumb for $353 million.
Bithumb will now be instantly managed by Singapore-based funding group BK World Consortium, after it bought a 50-percent stake (plus one share) from its largest shareholder, BTC Holdings Co., Bloomberg reports.
To confuse issues, BK World can be a significant shareholder in BTC Holdings. BK World have successfully ‘doubled-down’ on its funding, by promoting itself sufficient shares to have direct management over Bithumb.
Operating BK is Kim Byung-gun, certainly one of South Korea’s premier plastic surgeons and founding father of the BK Plastic Surgical procedure Hospitals, first in Seoul, then Singapore.
Bithumb is at present the second largest cryptocurrency alternate on the planet by reported volume, with extra BTC flowing by way of it than international alternate Binance.
It’s worth noting Bithumb does not boast a perfect track record. Just a few months ago, it was dealing with a $31 million loss after hackers laid waste to its working accounts in a heist lasting hours.
Simply months earlier than, it was ordered to cough up $27 million in back-taxes it had didn’t pay.
Bithumb is predicted to formally change arms in February, some three months after authorities regulators resolve whether or not to uphold its strict ban on public ICOs.
The federal government’s high monetary regulator warned his parliament of a significant fallout if the federal government lifts its ICO ban – nevertheless he didn’t go into element of his issues on the time.
It actually appears BK World isn’t afraid.
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Revealed October 12, 2018 — 10:54 UTC