South Korean cryptocurrency exchange Coinone advances plan to sell major shareholder's equity

Coinone, the third largest cryptocurrency exchange in South Korea, is planning to sell some of its shares, including those held by its major shareholder and chairman of the board, Cha Myung hoon. Che Mingxun owns a total of 53.44% of the shares through his personal company The One Group and direct shareholding. The spokesperson of the exchange revealed that they are discussing cooperation plans such as equity investment with overseas exchanges and domestic financial institutions, but the specific details have not yet been determined. Industry analysis suggests that the 38.42% stake held by the second largest shareholder Com2uS may also be involved in this equity change. Due to continuous losses on the exchange, its book value has fallen below Com2uS' initial acquisition cost. Che Mingxun returned to the management team four months after stepping down from his position as a representative director, which is seen as preparation for the sale of equity.