FTX, the crypto trading platform is in advanced talks to buy South Korea’s Bithumb.
The companies have been in discussions for several months, according to the person, who asked not to be named discussing something confidential.
Both sides still do not mention any official comments yet.
Bankman-Fried is moving to take advantage of the crypto market crash by propping up or acquiring hobbled companies.
FTX and its American entity FTX US are in talks to raise fresh capital, people with knowledge of the matter said this week, putting Bankman-Fried in position to continue a deal spree that’s seen him commit about $1 billion so far.
Bithumb, founded in 2014, currently processes around $569 million worth of trades on its platform a day on average.
Some specialists estimate this deal would not be succeed with Korean government interference. Generally Korean government want to control all capital investment and movements.
Source: BLockworks, Ki Young Ju