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Sunday, June 15, 2025
FTX Attempting To Purchase South Koreas Second-Largest Crypto Exchange
According to a new report, the FTX contract to purchase the Korean cryptocurrency exchange Bithumb is currently in “preliminary consultation”.
According to new report From Bloomberg, those familiar with the issue say the two exchanges have been trading for months.
Bithumb is the second largest cryptocurrency exchange in South Korea, according to Statista.. The exchange office was attacked earlier this week after a South Korean prosecutor investigated the collapse of Terra (LUNA) and its stablecoin TerraUSD (UST). according to Become a Seoul-based Yonhap News Agency.
Bloomberg also reports that FTX and its American arm, FTX US, are trying to raise new capital, citing “people with knowledge of the problem.”
FTX CEO Sam Bankman-Fried is a visible figure in the current bear market. Cryptocurrency billionaire said in a recent interview that his company is trying to float multiple large companies, regardless of their potential interests.
“The clear kind of working principle we had in many of these was like saying that it’s okay to make a deal that is reasonably bad to rescue the place. Bar said,” This is good. Is it the rate of return on investment? ” Bars are like “this isn’t too bad in return for our investment” or “burning a relatively small amount to do this”.
FTX has made multiple acquisitions since the crypto market first began to overcome severe downside volatility, including the lending platform BlockFi. The company has reached an agreement on an option to acquire BlockFi at a variable price of up to $ 240 million, in addition to a $ 400 million revolving credit line.
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