Exchange giants Bithumb lost $180m in 2018

  • 2018’s loss is in stark contrast to 2017 when they made a net profit of $376m.
  • On the other hand, their revenues grew by 17.5% in 2018 as opposed to 2017.

According to Korea Times, South Korea’s largest crypto exchange, Bithumb, had posted a 205.5 billion won (approximately $180 million) loss in 2018, This is a far cry from 2017 when the exchange earned a net profit of 427 billion won ($376 million). According to Bithumb operator BTCKorea.com, the losses were primarily due to low trading volumes and the 2018 bear market.

Bithumb also revealed other vital stats:

  • Their revenues grew by 17.5% to $343.4 million in 2018, compared to the $292.3 million they bagged in 2017.
  • Their operating profit went down by 3.4% to $224.50 million as opposed to 2017’s $232.50 million.
  • Operating expenses rose from $59.8 million to $119 million, while non-operating expenses increased exponentially from $3.6 million to $334.8 million.

This is the latest in a series of bad news that the exchange has been suffering from lately:

  • In June 2018, hackers stole ~$30m from Bithumb.
  • Last month Bithumb lost $13 million in an attack which they believe was done by insiders.
  • In January of this year, they had to let go of 30 out of 240 employees due to declining profits.

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