Korea’s Cryptocurrency Exchange Bithumb Sold for 400 Bil. Won

Bithumb, a major Korean virtual currency exchange, has been sold to BK Global Consortium based in Singapore for about 400 billion won ($352.5 million).

According to financial industry sources on Oct. 12, BK Global Consortium signed a contract with BTC Korea Holdings on Oct. 1 to purchase 50 percent plus 1 share in Bithumb for 400 billion won.

BTC Korea Holdings is the largest shareholder of Bithumb with a 76% stake.

BK Global Consortium is a blockchain investment group led by Kim Byung-kun, chairman of BK Group who was previously a plastic surgeon. He runs a plastic surgery clinic and Singapore BK Medical Group Hospital. Kim is also the fifth largest shareholder of Bithumb.

Bithumb is expected to adopt a joint representative system with BK Global Consortium and plans to promote new businesses based on its global network while maintaining current businesses.