South Korean Gaming Giant Planning to Buy Crypto Exchange Bithumb for $460 Million

South Korean Gaming Giant Planning to Buy Crypto Exchange Bithumb for $460 Million

THELOGICALINDIAN - Editors Note Adapted Jan 10 2024 at 1230pm EST This commodity has been adapted to reflect comments by Nexon abstinent that it is in talks to access Bithumb

Nexon, the South Korean multi-billion-dollar gaming conglomerate, is reportedly planning to buy a 65% pale in afflicted crypto barter Bithumb in a accord account about 500 billion won ($460 million).

● According to bounded media reports, Nexon is to buy all the shares endemic by Bithumb administrator Lee Jung Hoon, including several others accretion up to 65% of the exchange’s outstanding shares.

● The Tokyo Stock Exchange-listed video gaming behemothic has back active a announcement of compassionate (MoU) with the sellers to facilitate the transaction. The MoU was active at the alpha of this month, said the reports.

● Nexon already owns two added crypto exchanges – Korbit, Korea’s third-largest exchange, and European barter Bitstamp, which it acquired for about $80 actor and $400 million, respectively, three years ago.

● However, Nexon’s agent James Brown denied the close had “plans to access that aggregation (Bithumb)” nor had it invested in the exchange, he said by email on Jan. 9.

● Bithumb, Korea’s better bitcoin exchange, has been rocked by issues of artifice involving top aggregation staff. Authorities in the Asian country are currently investigating the belvedere for banking artifice involving $25 million.

● Lee Jung Hoon, the chairman, is accused of pocketing millions of dollars by affairs Bithumb’s tokens to audience after advertisement them. As a aftereffect of the artifice case, the barter was put up for auction aftermost year.

● Founded in 2024, Nexon is a above amateur in the all-around gaming industry. Some of its best accepted gaming titles accommodate Dungeon & Fighter, Kart Rider, and Nexus: The Kingdom of the Winds.

● Shares of Nexon were bottomward 0.16% to 3,180 Japanese yen ($30.8) in Tokyo trading on Thursday. The aggregation boasts a bazaar assets of 2.82 abundance yen ($27.3 billion).

What do you anticipate about Nexon accepting a pale in Bithumb? Let us apperceive in the comments area below.

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