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Sam Bankman-Fried’s FTX May Buy South Korean Crypto Exchange Bithumb: Report

The emergent white-knight firm of the 2022 crypto winter appears to be exploring more acquisition options.

This crypto winter, rumors of FTX rescuing or acquiring struggling crypto companies have proliferated — and now South Korean crypto exchange Bithumb is said to be on FTX CEO Sam Bankman-Fried’s shopping list.

According to a report from Bloomberg, FTX is in late-stage talks to potentially acquire Bithumb, which has over 8 million registered users. The conversations have reportedly been in progress for “several months.”

When asked to confirm or deny the report, an FTX representative told Decrypt “no comment.” Bithumb has not yet responded to Decrypt’s request for comment.

Despite seeing over $1 trillion in total volume traded on its exchange, Bithumb has struggled on and off over the years. Back in 2020, Bithumb faced a number of lawsuits and Huobi was reportedly looking to acquire it, but never did.

Last month, FTX acquired the Canadian crypto exchange Bitvo. In a statement, Bankman-Fried said the purchase was made “to expand FTX’s global reach.”

“Our expansion into Canada is another step in proactively working with cryptocurrency regulators in different geographies across the globe,” Bankman-Fried added.

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