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Bithumb Review: Hacked Exchange Made Net Profits Worth $35 Million

The latest Bithumb review revealed that the cryptocurrency exchange made net profits worth $35 million in the first half of 2018. A video equipment maker, Vidente, that owns 10 percent of its holding company and 10.55 percent of Bithumb, revealed the financial data to a South Korean financial regulator on August 23.

Bithumb collected total revenue worth $270 million within the first six months of 2018 in the filings state, before deductions. The exchange also made $194 million in operating profits. Although the data isn’t available for the same period, the exchange made around $380 million net profit in 2017 alone. This is more than ten times the exchange’s half-year profits recorded thus far.

Another fact that was considered during the Bithumb review is that the exchange had been through a rocky summer. The exchange had to bear the brunt of a major breach in June this year, wherein around $31 million in cryptocurrencies were stolen. The exchange later claimed to have recovered around $14 million. The exchange also received a hefty bill of around $28 million owing to an investigation into possible tax evasion that was launched in January 2018. However, the exchange was not found to be guilty of tax evasion.

The data derived from CoinMarketCap on Bithumb reveals that the 24-hour trading volume on the exchange has taken a significant plunge in 2018. The exchange was the world’s third largest trading venue with $2.5 billion in 24-hour trading volume on January 2, however, it has now dropped to the 19th position in past trading day.

The 24-hour trading volume on the crypto exchange dropped by 40 percent from $350 million to $250 million within a week, as per the latest Bithumb review statistics. This drop in trading volume took place after the exchange suspended the opening of new customer accounts owing to a banking restriction it faced after the hack.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Jesmine Rahman holds 15+ years of professional writing experience of working with reputed Indian dailies like the Times of India and the Indian Express. She also holds a rich experience of working as a Senior Technical Content Specialist with a reputed IT company. for 10 years. She writes crypto news on OWLT Market.

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