Plastic surgeon buys top S. Korea Bitcoin exchange

October 12, 2018
Bithumb is the biggest virtual currency exchange in South Korea, which has emerged as one of the world's top Bitcoin markets

A consortium led by a prominent Seoul plastic surgeon purchased a controlling stake in South Korea's largest cryptocurrency exchange, reports said Friday.

The hyper-wired South has emerged as one of the world's top Bitcoin markets, at one point accounting for more than 20 percent of global transactions—about 10 times the country's share of the global economy.

Singapore-based BK Global Consortium bought a 50-percent stake plus one share in Bithumb, the country's biggest virtual currency exchange, from shareholder BTC Holdings for about 400 billion won ($353 million), Yonhap news agency and other South Korean media said, citing industry sources.

Bithumb has more than a million customers but suffered a devastating hacking attack in June that left more than $30 million worth of cryptocurrency stolen.

South Korean exchanges have been hit by a series of attacks by hackers who stole millions of dollars, contributing to the market losing steam as prices tumbled.

The BK is an investment group led by Kim Byung-gun, a high-profile surgeon who founded BK Plastic Surgery Hospital, a major clinic in Seoul that also has operations in Singapore.

Cryptocurrencies have plunged since the end of 2017, when Bitcoin hit a record high near $20,000, having surged from less than $1,000 just 11 months earlier. The unit is now worth around $6,210.

Explore further: Hackers steal $30m from top Seoul bitcoin exchange

Related Stories

S. Korea govt sends bitcoin on rollercoaster ride

January 11, 2018

Bitcoin and other virtual currencies were sent on rollercoaster rides in South Korea Thursday as the government said it was planning to ban cryptocurrency exchanges, before later backtracking.

$60 million in virtual currency hacked in Japan

September 20, 2018

Bitcoin and other digital currency worth around 6.7 billion yen ($60 million) has been stolen in Japan following a hacking attack, a virtual exchange operator said on Thursday.

Recommended for you

Pushing lithium ion batteries to the next performance level

December 13, 2018

Conventional lithium ion batteries, such as those widely used in smartphones and notebooks, have reached performance limits. Materials chemist Freddy Kleitz from the Faculty of Chemistry of the University of Vienna and international ...

Uber filed paperwork for IPO: report

December 8, 2018

Ride-share company Uber quietly filed paperwork this week for its initial public offering, the Wall Street Journal reported late Friday.

0 comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.