South Korean crypto exchange Bithumb makes $35 million profit in first half of 2018
One of the largest cryptocurrency exchanges in the world by volume, Bithumb, has made a profit of 39.34 billion won (about $35 million) in the first half of the year despite having a rough period in June which saw hackers steal 35 billion won worth of cryptocurrencies, which is equivalent to $31.91 million.
This was revealed in a report submitted by Vidente, the video equipment maker which owns 10.55 percent of Bithumb to the South Korean financial regulator on Thursday. This is not a bad result considering the fact that Bithumb had to go through a rough patch in June, but it fades in comparison to the results in 2017, when Bithumb made $380 million in net profits, more than 10 times its half-yearly profits this year.
According to the local news agency Yonhap, Bithumb collected a total of $270 million in revenue within the first six months of 2018, with $194 million in operating profits.
It has been a rough year for the exchange which also saw a hefty amount of $28 million being imposed on them for tax evasion, although no wrongdoing was found later on. As a result, the 24-hour trading volume on Bithumb, once the world’s largest cryptocurrency exchange by volume has witnessed a considerable decline this year.
This is quite evident from the fact that on January 2, 2018 Bithumb was the third largest trading venue with over $2.5 billion in trading volume has now plummeted to 18th position, with around $78.6 million worth of trading taking place in the past 24 hours at the time of writing.
It has been like a perpetual slope for Bithumb which has seen a drastic change in fortunes with the 24-hour trading volume dropping by a considerable 40% from $350 million to $250 million within a week after it suspended the opening of new customer accounts due to banking restrictions as a result of the hacking.
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