Nexon, the multi-billion dollar South Korean gaming conglomerate, is reportedly planning to buy a 65% stake in troubled crypto exchange Bithumb in a deal worth about 500 billion won ($ 460 million).
● According to local media reportsNexon will purchase all of the shares owned by Bithumb Chairman Lee Jung Hoon, including several others, for a total of 65% of the stock’s outstanding shares.
● The video game giant, listed on the Tokyo Stock Exchange, has since signed a Memorandum of Understanding (MoU) with the sellers to facilitate the transaction. The MoU was signed early this month, the reports said.
● Nexon already owns two other crypto exchanges: Korbit, Korea’s third largest exchange, and the European exchange Bitstamp, which it acquired three years ago for approximately $ 80 million and $ 400 million respectively.
● Bithumb, Korea’s largest bitcoin exchange, is startled through fraud involving the company’s top personnel. Authorities in the Asian country are currently investigating the platform for financial fraud involving $ 25 million.
● Lee Jung Hoon, the Chairman, is accused of pocketing millions of dollars by selling Bithumb’s tokens to customers without listing them. As a result of the fraud case, the exchange was put up for sale last year.
● Founded in 1994, Nexon is a major player in the global gaming industry. Some of the most popular game titles are Dungeon & Fighter, Kart Rider, and Nexus: The Kingdom of the Winds.
● Shares of Nexon fell 0.16% to 3,180 Japanese yen ($ 30.8) trading in Tokyo on Thursday. The company has a market cap of 2.82 trillion yen ($ 27.3 billion).
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