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Chinese Crypto Tycoon-Backed Bitdeer Buys Asia’s ‘Fort Knox’

  • Le Freeport sold to Jihan Wu’s company for S$40 million
  • Wu is one of the most influential people in crypto market
Jihan Wu in May 2018
Jihan Wu in May 2018Photographer: Anthony Kwan/Bloomberg
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Chinese crypto billionaire Jihan Wu is expanding into the physical asset space. 

Wu’s Bitdeer Technologies Holding Co. spent S$40 million ($28.4 million) buying Le Freeport, a maximum-security vault in Singapore, according to people with knowledge of the matter who asked not to be identified because the transaction was private. Dubbed Asia’s Fort Knox, Wu acquired the repository for fine art, precious gems, and gold and silver bars, from shareholders led by Swiss art dealer and founder Yves Bouvier, the people said.