# South Korean crypto exchange Bithumb becomes the next acquisition target for FTX By Mark Jason Alcala Canonical URL: https://www.tokenpost.com/news/business/9694 Published: 2022-07-27T07:15:04.000Z Updated: 2022-07-27T07:15:04.000Z Section: Business > Seoul-based Vidente revealed that it is in talks with FTX for a possible sale of its stake in Bithumb. The current crypto market downturn sent the prices of Bitcoin (BTC), Ether (ETH), and other coins tumbling down from their all-time highs last year. However, it also set the stage for cash-rich firms to embark on an acquisition spree as they hunt for embattled crypto firms currently selling at a fraction of their former prices. For instance, Sam Bankman-Fried’s FTX has been busy closing deals to acquire a stake in various troubled crypto firms amidst the downturn of the cryptocurrency market. Its latest target appears to be Bithumb, a crypto exchange in South Korea. On Tuesday, Seoul-based Vidente revealed that it is in talks with FTX for a possible sale of its stake in Bithumb, [CNBC]() reported. The company added that it is reviewing options, including selling all its stake in Bithumb to FTX or jointly managing the South Korean crypto exchange with Sam Bankman-Fried’s firm. At the moment, Vidente has not yet decided on a specific course of action. Based on a regulatory filing, Vidente owns 34.2 percent of Bithumb Holdings and 10.22 percent of Bithumb Korea as of March 31, [Bloomberg]() reported. Bithumb was founded in 2015 and is known as one of the “big four” crypto exchanges in South Korea. The platform processes an average of around $569 million worth of trades daily. Last month, FTX has signed a deal that gave it the option to buy crypto the lending company BlockFi at a maximum price of $240 million. While the company did not give a minimum deal price, the maximum price is way below BlockFi’s previous valuation of $4.8 billion. Crypto billionaire and FTX CEO Sam Bankman-Fried has become some sort of a lender of last resort in the crypto space as more crypto firms are struggling during the current market downturn. Aside from FTX’s deal with BlockFi, Bankman-Fried also provided a $500 million loan to Voyager through his company Alameda Research. [TokenPost]() | info@tokenpost.com ## Links in this article - [CNBC](https://www.cnbc.com/2022/07/26/ftx-discussing-stake-to-buy-cryptocurrency-exchange-bithumb.html) - [Bloomberg](https://www.bloomberg.com/news/articles/2022-07-26/bithumb-holder-says-discussing-stake-sale-to-bankman-fried-s-ftx) - [TokenPost](https://www.tokenpost.com)