BitHumb Owner Confirmed Discussions Of Acquisitions With FTX

The Bithumb owner confirmed Discussions of Acquisitions with FTX as part of the aggressive expansion plan amid the ongoing bear market so let’s read more today in our latest cryptocurrency news.

The digital asset exchange FTX offered bailouts to struggling companies and expanded its operations via acquisitions and the latest one that the company talked with was Bithumb. Vidente, as a stakeholder of the exchange, confirmed that he held discussions about the potential sale of the stake to the SBF-led company and it is not known whether there will be a full acquisition of Bithumb or it will work as joint management of the exchange.

The Bithumb owner suggested that the discussions of the deal are entering into final stages and the recent developments show that Bithumb is joining the list of possible buyouts that the exchange is weighing on. The South Korean crypto exchange faced multiple lawsuits since 2020 when the office got raided by authoriteis as a part of the investigation against the former Chairman Lee Jung Hoon. One year later, the prosecutors indicted Jung-hoon for swindling $100 million from Kim Byung Gun as the chairman of the BK Group and founder of cosmetic surgery clinics after a deal to negotiate the latter’s acquisition of Bithumb holdings.

The troubled exchange was even up for sale and it was confirmed by the accounting company Samjon KPMG as a joint venture company that includes KPMG. Most parties were reported to be vying for a stake in Bithumb and one such was Morgan Stanley.

However, it denied potential M&A deals for the exchange and called the reports untrue. Bithumb was also among the few exchanges in the country to be raided by prosecutors. FTX on the other hand was on an expansion spree and was deemed as the savior of the crypto winter. Last month, the exchange considered an acquisition of Robinhood but SB later clarified that the exchange had no plans to acquire Robinhood but was instead excited about the business prospects and other ways of partnerships.

FTX even forged a deal with blockFi which gives the option to purcahse the crypto lender at a price o f$250 million. The deal with voyager failed after the platform called SBF’s bailout proposal to be a “low-ball bid dressed up as white knight rescue.”