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South Korean cryptocurrency exchange Bithumb’s acquisition deal with BK Consortium could be scrapped, Cryptonews.com reported citing local news outlets Hanguk Kyungjae and Yonhap.
Led by plastic surgeon and blockchain investor Kim Byung-gun, BK Consortium signed a deal to acquire a controlling stake in Bithumb for 400 billion won (approximately $350 million) last October.
BK paid an initial $100 million when the deal was announced with the rest to be paid at a later date. Previous reports have suggested that BK had been deferring the payments and missed a number of deadlines. Media outlets even reported that BK is not likely to meet its payment obligations to BTC Holding Company, the original owner of Bithumb.
BK also reportedly tried to defer payment earlier this year by agreeing to purchase 76% of Bithumb shares, instead of the initially agreed upon 50% plus one share, in exchange for an extended deadline. However, reports suggest that BK does not have the funds required to meet this deadline.
An anonymous industry insider told Cryptonews.com that the exchange could ultimately end up with some Chinese or American entity.
“A number of big-name exchange operators from both China and America have been aware of the forthcoming Bithumb opportunity for several weeks,” the insider said.
Bithumb, on its part, has reportedly said that the sale was “not a major problem,” adding that the exchange was operating stably despite the ownership issues. It said business would continue as normal “even if the acquisition deal is scrapped.”
That said, BK’s initial $100 million payment could result in a legal dispute in case it defaults and a new buyer comes into the picture.
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