Chinese crypto miner Bitdeer Technologies has reportedly acquired Le Freeport, a maximum security vault in Singapore.
Bitdeer Technologies has bought Le Freeport for S$40 million ($28 million), according to a «Bloomberg» report that confirmed the deal via text message. Separately, records from the accounting regulator found that the purchase took place in July.
Bitdeer is backed and chaired by crypto billionaire Wu Jihan, who co-founded Beijing-based Bitmain Technologies, the world’s largest miner, in 2013 before relinquishing control in January 2021. Wu also has a long-term residency in Singapore.
Dubbed Asia’s Fort Knox, Le Freeport launched in Singapore in 2010 with ambitious plans to store valuables for clients including bullion traders JPMorgan and UBS. The maximum-security vault was founded by Swiss art dealer Yves Bouvier, who had 70 percent ownership.
Transaction Details
According to unnamed sources in the report, Freeport was built at the cost of S$100 million – more than double the sale price.
Of the S$40 million used to purchase the vault, around three-quarters was used to pay creditors including DBS. And after repaying debt and costs, Bouvier and other shareholders received about S$5 million from the sale.
