Nexon Denies Bithumb Acquisition Rumors Amid Ongoing Legal Troubles

Nexon’s Clear Stance

A major twist in the ongoing saga of crypto exchange Bithumb: Nexon, the gaming giant, has officially quashed rumors regarding a potential acquisition. In a statement to Cointelegraph, they clarified that “has not invested in Bithumb and has no plans to acquire that company.” This revelation comes after a flurry of misleading reports that had tongues wagging in the local media.

The Bidding Process and Its Complications

Hold onto your hats, because the journey to sell Bithumb has been nothing short of a soap opera! Discussions about this potential sale have been on the table since late August 2020, with whispers of preliminary bids circulating in September. However, the process has encountered a few bumps—okay, maybe a mountain range—due to ongoing police investigations involving Bithumb’s own chairman, Lee Jung Hoon. Talk about family drama!

Legal Quandaries Kept Bithumb on Edge

Adding to the suspense, there’s a cloud of legal troubles hanging over Bithumb. The exchange is currently embroiled in two police investigations: one targeting board chairman Lee Jung Hoon, the other focusing on an executive for alleged fraud. This legal mess raises questions not just about operational speed but also about Bithumb’s ability to maintain a legally compliant standing with Korean authorities.

Future IPO Plans in Jeopardy

Remember that initial public offering (IPO) everyone was buzzing about back in June 2020? Well, with the ongoing investigations, it seems like Bithumb is trying to hit the brakes on those plans. It’s hard to launch a flashy IPO when potential investors are as jittery as a cat in a room full of rocking chairs. As things stand, the road to IPO bliss is looking rather rocky.

Bithumb’s Popularity Persists

Despite all the chaos and confusion, Bithumb remains a titan in the Korean crypto landscape. It continues to hold its ground as the sixth-largest exchange globally, according to daily trading volumes reported by CoinMarketCap. Perhaps the old adage is true: “what doesn’t kill you makes you stronger.” Investors are clearly betting big on this platform despite its existing perils!