Nexon Group Denies Reports It Plans to Acquire Bithumb

The gaming group Nexon Group does not intend to buy the South Korean cryptocurrency exchange Bithumb, writes Cointelegraph.

Reports of a possible deal valued at about 500 billion won (~$457 million) surfaced on January 7, 2021. According to media reports, the memorandum of understanding envisaged the acquisition of 65% of the exchange’s shares.

According to a Nexon spokesperson, the game publisher has not invested in the trading platform. The company has no plans to acquire it.

In 2018, Singapore’s BK Global Consortium showed interest in a controlling stake in Bithumb worth $350 million. But a year later there were reports of the deal collapsing.

In September 2020, the trading platform was put up for sale again. Its price ranged from $430 million to $600 million.

Earlier, several searches of Bithumb’s offices and an interrogation of its chairman and main shareholder Lee Jung-hoon on charges of fraud related to the exchange’s native token BXA. Investigators say he raised about 30 billion won (~$25 million) in the presale but did not list the coin.

Earlier, the possibility of acquiring Bithumb was also studied by Huobi and Binance.

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