South Korean exchange Bithumb earned $ 35 million in the first half of the year
South Korean cryptocurrency exchange Bithumb made a net profit of 39.34 billion won (about $ 35 million) in the first half of 2018, despite the difficult situation it faced in June. CoinDesk writes about this with reference to local media, which cites information disclosed to the financial regulator by the video equipment manufacturer Vidente, which owns 10.55% of the Bithumb exchange and 10% of its holding company..
Before expenses, according to published information, Bithumb managed to earn $ 270 million in the first 6 months of this year, of which $ 194 million came from operating income..
While data for the same period last year is not available, Yonhap reports that Bithumb had a full-year 2017 net profit of $ 380 million, more than 10 times its first-half net profit..
In June, Bithumb underwent a hacker attack, as a result of which it lost about $ 31 million in cryptocurrency. The firm later said it was able to recover $ 14 million in lost funds. How this event was reflected in the latest data is unknown. Perhaps it will still be taken into account in later reports..
An investigation into alleged tax evasion, initiated in January, ended with Bithumb being ordered to pay $ 28 million to the treasury; no violations in her activities were found.
According to 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 with a daily volume of $ 2.5 billion.Today it occupies only 19th place with a volume of about $ 71 million.
Bithumb’s daily volume fell from $ 350 million to $ 250 million in just a week earlier this month, after the exchange stopped accepting new customers due to the fact that it could not conclude a new agreement with the bank..
Dunamu, the operator of the South Korean cryptocurrency exchange Upbit, also reported on its indicators for the first half of the year. Upbit reported net income of $ 97 million in the first six months of 2018.