Bitcoin News

NCSoft Denies It Made a Bid for Control of Bithumb

NCSoft, a South Korean video game developer known for its Lineage series of gaming titles, confirmed to Our that they have not submitted a bid for a controlling stake in Bithumb, South Korea’s market-leading crypto exchange. (Updated on January 11: updates throughout the entire text.)

The company was responding to a now-deleted report by ZDNet Korea. It claimed that NCSoft has submitted a rival bid of around USD 596m for almost 66% of the shares in the trading platform, owned almost exclusively by troubled Bithumb executive Lee Jung-hoon, the largest shareholder in the holding company Bithumb Holdings as well as another firm named DAA, which has a 30+% stake in the exchange.

In a separate report, NCSoft was quoted by Ilyo Shinmun as stating that there was “no truth at all” in the reports that it had put in a bid for Bithumb.

The report in ZDNet Korea appeared after widespread reports of an all-but-done deal with another South Korean gaming behemoth, Nexon. The latter is part of a business empire that also comprises the crypto exchanges Korbit and Bitstamp.

Multiple reports from South Korea yesterday stated that Nexon’s bid valued at USD 458m. Meanwhile, a domestic blockchain business expert yesterday stated that the price was already “discounted,” and stated that a sub-USD 500 million deal for Bithumb would be a “remarkable coup” considering the rude health of the crypto market.

A video equipment-making firm named Vidente owns the remaining 34% of the shares and was not thought to be looking for a buyer. But a report from the Korea Times claimed that Vidente has distanced itself from the Nexon bid, and has not ruled out making a rival bid of its own for the platform, quoting Vidente as stating,

Leave a Reply

Your email address will not be published.