Mark Twain’s Take: South Korean Crypto Exchange Looks for a Sugar Daddy

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Well now, it seems that South Korea’s third-largest crypto playground, Coinone, is fixin’ to sell off a piece of its grandpappy chairman’s pie, with the American giant Coinbase possibly doin’ the nibbling. Ain’t that a sight, folks?

  • Coinone’s thinkin’ about parting with Chairman Cha Myung-hoon’s hefty 53.4% stake, which includes his own 19.14% slice and over a third held by his own big family estate, The One Group.
  • The place’s been feelin’ the financial pinch, just like a fish out of water, over the past year.
  • And lo and behold, Coinbase, the Yankee rustler, is possibly lookin’ to saddle up and invest.

According to some chatter from Seoul’s Economic Daily – that ol’ gossip mill – Coinone’s big boss and largest stockholder, Cha, is thinkin’ of sellin’ his stake, which is about as big as a man’s arm, including his personal cut and what his company holds. They say it might include a deal with foreign exchangers and our own homegrown financial folks, but as is often said, “Don’t count your chickens before they hatch.”

Now, this sale has been floatin’ around since late 2025, and some wiseacre insider claims they might also be tryin’ to include the second-largest shareholder’s pie, too. Reckon folks are fiddlin’ with the idea of makin’ a deal before the entire town hears about it.

The company itself hasn’t spoken up, but one thing’s clear as a bell – Coinone’s been takin’ more losses than a barn rat, leaving its worth at a measly 75.2 billion won, down from a fancier 94.4 billion won. That’s enough to make any cowboy scratch his head, partner.

Cha, who’d flung down the reins as CEO, has moseyed back into the saddle after four months of sittin’ by the fire. Speculation’s out that he’s brushin’ off his hat in preparation for a sale, much like a gambler preparin’ for a big hand.

This joint’s had its share of trouble, what with bribes accepted by some insider, and a scandal in 2023 involving tokens listed faster than a jackrabbit on a date. Not to mention in 2024, they got their knuckles rapped by South Korea’s watchdogs over some suspicious price fixin’. Seems like a regular marketplace of misadventure.

Coinbase’s Big Idea?

Now, the buzz is that Coinbase – that big Yank crypto outfit – might be lookin’ to plant a flag in the land of morning calm, eager to snatch up a piece of this South Korean pie. That, and some fancy talk about their reps headin’ over this week to gab with local bigwigs like Coinone.

They say the Americans are lookin’ to partner up, wrappin’ their heads around all them Korean rules and regulations, so they don’t end up like a cow in a hailstorm.

And if you’re wonderin’ if Coinbase’s interest is new, well, last year Binance took over South Korea’s Gopax after two years of waitin’ on the government, so it’s clear these foreign cowpokes aren’t shy about makin’ a move.

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2026-01-26 12:28