The price of Bitkub Coin, Thailand-based cryptocurrency exchange, fell 18% in the afternoon of August 25, 2022, after an official announcement from Thailand’s leading commercial bank SCB X Public Company Limited (SET: SCB) to terminate the deal for the acquisition of 51% shares in Bitkub Online Co., Ltd. from Bitkub Capital Group Holdings Co., Ltd.
The last price of Bitkub Coin (KUB) as of 13:57 local time in Thailand was THB61 per coin, decreased 18%. The coin fell as low as THB43.22 after the announcement.
Year to date, the price fell 348% from THB448 on January 3, following a drought in cryptocurrency space.
Earlier this afternoon, SCB has announced a termination of a 51% shareholding acquisition in Bitkub Online Co., Ltd. worth Baht 17,850 million.
SCB stated that whilst the results of the due diligence exercise did not reveal any significant abnormal issues which are irremediable, Bitkub is currently in the process of resolving various issues as per the recommendations and orders of the Securities and Exchange Commission, Thailand, which are uncertain in terms of timeframe in resolving those issues. As a result, the Buyer and the Seller have agreed to terminate the Transaction.