Some media reports last week suggested that Nexon, a South Korean gaming conglomerate, is virtually ready to acquire cryptocurrency exchange Bithumb. The price of this surprising deal was even reported - it was supposed to be around $460 million. Now it turns out that it was probably fake news. Or the process was simply halted by the controversy over this popular Bitcoin trading platform. Nexon won't be buying Bithumb after all! News of the acquisition was debunked today via the world's largest cryptocurrency writing site. In an email sent to Cointelegraph, a representative of Nexon conveyed that the company "has not invested in Bithumb" and definitely has no plans to do so at all. However, it added that earlier reports may have something to say. "We cannot comment on other companies' investment plans," - the release said. The stock market under police scrutiny If rumors are to be believed, however, a potential deal to sell the cryptocurrency exchange was reportedly on the company's agenda as early as the end of August 2020. Then, as early as September, there were even rumored to be fairly concrete, more advanced talks. However, the process, if it is ongoing at all, seems to be very complicated by the ongoing police investigation, in which the subject of interest of the service is Lee Jung Hoon, CEO of Bithumb Korea and Bithumb Holdings. At the same time, a Bithumb director is under investigation for fraud allegations. This in turn has further raised doubts about the exchange's prospects of obtaining the legally required registration from the South Korean authorities. Worse still were the ideas surrounding alleged plans to launch an initial public offering, which began to be talked about in June 2020. Despite at least two police raids on the exchange's offices related to these investigations, the platform is up and running and still remains the top place in the Korean cryptocurrency market to buy BTC. On top of that, it is currently the sixth largest platform in the industry worldwide in terms of daily trading volume, according to CoinMarketCap. Tags bithumb cryptocurrency exchanges nexon
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