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South Korean Crypto Exchange Bithumb’s Live Broadcast Platform “Bithumb Live” Has Gone Bankrupt

Bithumb's investment live platform "Bithumb Live," a subsidiary of a South Korean cryptocurrency exchange, has gone bankrupt. Seoul Bankruptcy Court is reportedly planning to hold a creditors' meeting and investigate claims on November 28th, with LG U+, SK Telecom, SK Magic, and Lotte Card being the main creditors of Bithumb Live.

It is reported that "Bithumb Live" is a company established by Bithumb and Bucket Studio, with each investing KRW 6 billion in September 2021. Bithumb and Bucket Studio hold 37.5% of Bithumb Live's shares each, for a total of 75%. Bithumb Live announced its bankruptcy to its employees through internal messages in October of last year due to its inability to withstand losses.

According to last year's business report, Bithumb Live's debt was approximately KRW 248 million more than its assets, with a net loss of KRW 10.2 billion. Bucket Studio and Bithumb Live CEO Jiyeon Kang were charged with embezzlement and breach of trust in July of this year but were not detained.

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