Hot News

Hot News

副标题

The Ready Player One, jointly created by several internationally renowned institutions such as Golden Collar U.S.Venture Capital Inc, is a digital ecological platform for games based on blockchain ...
2023-02-01
BitPencil (https://bitpencil.xyz/), a decentralized financial derivative agreement initiated by the Access Bitcoin Foundation, its business includes funds, insurance, options and other financial de...
2023-01-31
CoinGecko, a leading and comprehensive blockchain data statistics platform, has officially listed FAMEEX on its platform. FAMEEX is a secure global cryptocurrency exchange with a community spanning...
2023-01-06
The CATASTROPHY team has unveiled a pioneering offering, MultiPass, which repurposes non-fungible tokens (NFTs) as decentralized identities (DIDs) and serves as a cross-chain, cross-application mem...
2023-01-05
7*24

7*24

副标题

Funversy, the first NFT ecosystem built on the BNB network, recently launches its Beta Version and updates the functions of Launchpad, Farm and Trade, is committed to creating a new NFT platform wi...
2022-10-28
dYdX said on its social platform that due to excessive user participation, the activity of depositing more than $500 to get a $25 bonus has been stopped. Yesterday's news, dYdX announced that it wi...
2022-09-02
The data on the Tokenview chain shows that the current total holdings of Grayscale is 18.276 billion US dollars, and the trust premium rates of mainstream currencies are as follows: BTC, -32.69% ET...
2022-09-02
Yuga Labs metaverse project Otherside released a new promotional video on its social platform, and hinted that the project may announce new plans in Q4.
2022-09-02
The market shows that Ethereum hit $1,600 per piece, up 1.27% on the day.
2022-09-02
Johnnie Walker, a world-renowned whisky brand, has announced a partnership with NFT marketplace BlockBar and Web3 consultancy Vayner3 to release two new limited-edition "JohnnieWalker Blue Label Gh...
2022-09-02
According to the official Twitter, Volt Protocol and external auditors completed the economic and technical review of Compound Labs v2.0. It also identified risks common to loan pools, as well as C...
2022-09-02
Former Binance Labs head Bill Qian has joined Dubai-based cryptocurrency investment firm Cypher Capital as chairman. Qian will oversee the management and operations of Cypher Capital, which he said...
2022-09-02
According to Reuters, outflow documents show that the U.S. Department of Justice’s anti-money laundering unit in 2020 asked Binance to voluntarily hand over information about Changpeng Zhao and 12 ...
2022-09-02
According to the tip of Twitter user @SomerEsat retweeted by Yearn core developer banteg, the current updated versions of the Ethereum staking consensus client are as follows, Lighthouse's v3.1.0 v...
2022-09-02
Blockchain company Stably announced the issuance of its stablecoin USDS on the XRP Ledger (XRPL), and Ripple will provide Stably with the technical support needed to integrate USDS with the XRP Led...
2022-09-02
At the 2022 World Artificial Intelligence Conference, Qualcomm President and CEO Cristiano Amon's keynote speech pointed to the Metaverse. Ammon believes that the metaverse is the future of the Int...
2022-09-01
64 Celsius escrow account holders filed petitions in bankruptcy court, asking Celsius to return their funds outside of the proceedings. On Wednesday, the panel petitioned the New York Bankruptcy Co...
2022-09-01
The NFT series Fresh Fruit by Doja Cat x JBL released by Doja Cat and JBL headphones has been launched on the music NFT platform OneOf. NFT holders will have the opportunity to get front-row seats ...
2022-09-01
Middle Eastern cryptocurrency exchange Rain Financial has carried out a round of layoffs, although the number of layoffs was not disclosed. Rain Financial said, "We have to adjust future plans to e...
2022-09-01
Paul Veradittakit, a partner at Pantera Capital, said in his personal blog that now is a good time for well-capitalized crypto companies looking to expand their hiring, and Pantera Capital and its ...
2022-09-01
Indonesia’s government will launch a crypto exchange by the end of 2022, aiming to protect consumers amid growing interest in digital currencies, said Jerry Sambuaga, Indonesia’s deputy trade minis...
2022-09-01
According to Dune data, in August, the transaction volume of NFT platforms was US$750 million, down about 9% from the previous month, of which the transaction volume on OpenSea was US$496 million a...
2022-09-01
According to Tokenview data, Tether has officially frozen 16 USDT addresses since August, with a total amount of 18.98 million USDT.
2022-09-01
Binance Connect, a payment infrastructure provider backed by Binance, announced a new partnership with crypto wallet SafePal, according to an official Binance announcement. Users in SafePal will be...
2022-09-01

FTX Rumored to Be in Talks to Purchase South Korean Exchange Bithumb

Issuing time:2022-07-25 17:17

723F2FCA-AF04-4674-B210-48315267C029_1_201_a.jpegThe talks are at an advanced stage, says one source, and have been taking place over the last few months. Bithumb said it couldn’t confirm this information, while FTX declined to comment on the matter. With Bithumb being a potential acquisition and not an investment, it makes sense that negotiations would take place over a few months, allowing the company to perform due diligence before taking the plunge.


Bithumb recently made headlines for being one of many South Korean exchanges to come under the hammer of national authorities for alleged links to Do Kwon, the now infamous co-founder of Terraform Labs that invented the failed TerraUSD stablecoin.


According to the Southern District Prosecutor’s Office, eighty-one retail investors filed two formal complaints with authorities.


Antitrust Issues in the pipeline?

Bithumb is licensed by the Financial Intelligence Unit to run a digital asset business, converting cash to cryptocurrency. The exchange, which processes about $569 million in daily trading volume, was founded in 2014 and registered on Nov. 19, 2021.


It is unclear whether any acquisition by FTX would cause antitrust issues. Bithumb fell afoul of antitrust authorities last year when it became one of twelve crypto companies in South Korea deemed to have exclusionary causes that absolved them from compensating customers for damages.


Bithumb becomes third overseas exchange in a short period

If rumors prove true, Bithumb would be the latest acquisition in an almost $1 billion spending spree by FTX and FTX.US that began in June 2022.


U.S. entity FTX US recently signed a deal with crypto lender BlockFi for a possible $240 million acquisition. FTX purchased Japanese exchange Liquid and Canadian trading platform Bitvo. At the time, FTX CEO Sam Bankman-Fried said in a statement that acquiring a Canadian exchange broadened the company’s exposure to regulations governing different geographies.


FTX loaned Voyager Digital, a crypto brokerage firm, $485 million within two days of negotiations. Bankman-Fried insisted that the loan to Voyager was to protect customer assets instead of trying to bolster his company’s bottom line.

But some are not buying into the benevolence narrative. Chris Mann, a general partner at Race Capital, an early investor in FTX, says that Bankman-Fried’s investments lay bare his ambition to dominate the industry.