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Bankman-Fried’s FTX In Talks To Buy South Korea’s Bithumb
FTX, the crypto trading platform co-founded by billionaire Sam Bankman-Fried, is in advanced talks to buy South Korea’s Bithumb, a person with knowledge of the matter said.
Himanshu S.
4:20 22nd Jul, 2022
Markets

The companies have been in discussions for several months, according to the person, who asked not to be named discussing something confidential.

“We cannot confirm anything at this stage,” a Bithumb spokesperson said. A spokesperson for FTX declined to comment.

Bankman-Fried is moving to take advantage of the crypto market crash by propping up or acquiring hobbled companies. FTX and its American entity FTX US are in talks to raise fresh capital, people with knowledge of the matter said this week, putting Bankman-Fried in position to continue a deal spree that’s seen him commit about $1 billion so far.

Bithumb, founded in 2014, currently processes around $569 million worth of trades on its platform a day on average, according to data provider CoinGecko. It was among South Korean crypto exchanges whose offices were raided this week by local prosecutors as part of a widening investigation into Terraform Labs following the May collapse of the TerraUSD stablecoin.

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