The live streaming platform "Bithumb Live" under the South Korean cryptocurrency exchange Bithumb has gone bankrupt

2023-10-23 15:30:41

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ChainCatcher news, according to Chosun Biz, the investment live streaming platform "Bithumb Live" under the South Korean cryptocurrency exchange Bithumb has gone bankrupt. According to reports, the Seoul Bankruptcy Court plans to hold a creditors' meeting and conduct a creditor investigation on November 28, with LG U+, SK Telecom, SK Magic, and Lotte Card being the main creditors of Bithumb Live.

It is reported that "Bithumb Live" was established in September 2021 with an investment of 6 billion won each from Bithumb and Bucket Studio, with Bithumb and Bucket Studio each holding 37.5% of the shares, totaling 75%. Bithumb Live announced its closure to employees through internal messages last October due to an inability to bear deficits.

According to last year's business report, Bithumb Live's liabilities exceeded its assets by approximately 248 million won, with a net loss of 10.2 billion won. Bucket Studio and Bithumb Live CEO Jiyeon Kang were prosecuted in July this year for embezzlement and breach of trust, but were not detained.

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