In the first half of the year, the South Korean Bithumb Exchange earned $35 million

In the first half of the year, the South Korean Bithumb Exchange earned $35 million


The South Korean Bithumb Exchange has received a net profit of 39.34 billion won (about $35 million) for the first half of 2018, despite the difficult situation in which it fell in June. This is written by CoinDesk with reference to local media that provide information disclosed to the financial controller by the manufacturer of video equipment Vidente, owning 10.55% of the Bithumb exchange and 10% of its holding company.

Before deducting costs, according to published information, Bithumb managed to earn $270 million in the first six months of this year, of which $194 million accounted for operating income.

Although data for the same period last year is not available, Yonhap reports that Bithumb’s net profit for the entire 2017 was $380 million, more than 10 times higher than the net profit of the first half of this year.

In June, Bithumb underwent a hacker attack, as a result of which it lost about $31 million in the cryptocurrency. Later, the firm said that it managed to recover $14 million of lost funds. What reflection this event found in the latest data is unknown. Perhaps, it will be taken into account in later reports.

The investigation of the alleged tax evasion, initiated in January, resulted in Bithumb being ordered to pay $28 million to the treasury; no violations in its activities were found.

According to the data of CoinMarketCap, once one of the largest cryptocurrency exchanges, Bithumb has recently lost a significant market share. So, on January 2, Bithumb was the third largest platform for trading cryptocurrencies at a daily volume of $2.5 billion. Today it occupies only 19th line with a volume of about $71 million.

At the beginning of the month, the daily volumes of Bithumb fell from $350 million to $250 million in just one week after the exchange stopped accepting new customers due to the fact that it was unable to sign a new agreement with the bank.

On its indicators for the first half of the year, Dunamu, the operator of the South Korean crypto exchange Upbit, also reported. According to the published data, the net profit of Upbit for the first six months of 2018 was $97 million.

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