Two police raids later, the Bitcoin exchange BitHumb is officially up for sale and it will be sold to the highest bidder for $600 million as we are reading more in the latest crypto news below.
The biggest South Korean bitcoin exchange is up for sale, two police raids later as the buyers started making offers in the range of $430 to $600 million and the buyer will be responsible for implementing the Special Payments Act. BitHumb was the largest cryptocurrency exchange in South Korea which is allegedly up for sale to the highest bidder according to the news outlet Herald.
The exchange was responsible for more than 50% of the domestic trading volume with 4.77 million users and it was also considered the primary driver of crypto trading in the country. According to the news report, Bithumb Holdings is now trying to sell the 74% stake in Bithumb Korea. A few buyers have already sent letters of intent offering between $430 million and $604 million for the crypto exchange. The interested parties are unknown as well.
The Seoul Metropolitan Police is now investigating the exchange’s chairman Lee Jung Hoon for incurring deliberate investor losses of $25 million and evading property responsibilities. The police raided the exchange two times over the past month. The Korean branch of KPMG, Samjong KPMG is in charge of the sale and enforcing compliance with the local laws and the buyer will also be responsible for implementing a new bill on the Special Payments Act from 2021. The revised bill lays the foundational requirements for reporting processes, regulates licenses for digital asset service providers, and also makes sure that there’s compliance with FATF recommendations.
According to the local news outlets, the South Korean investment banking industry sees the sale of BitHumb Holdings as an effort for investors to get relief of the legal and managerial disputes, recovering the investments, and exiting the market without getting damaged. BK Global Consortium was expected to purchase in 2018 and the deal was scrapped right after the investors failed to pay the full amount. The price was alleged $345 million as per the reports.
As recently reported, The Police brought in for questioning the company’s chairman Lee Jung-hoon.
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He was a chairman of the board at Bithumb Korea and BitHumb holdings according to a report by South Korea’s state-run Yonhap agency. As reported, Lee was accused of multiple frauds and embezzlement offenses regarding the listing of the BXA token.
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