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Losses Of Bithumb Crypto Exchange In 2018 Amount To $180 Million

15:20 12/04/2019
Bithumb Exchange Announces Significant Losses Over Past Year

The net financial losses of Bithumb, the leading South Korean crypto platform, reached 205.5 billion won (approximately $180 million) during 2018, KoreaTimes reports referring to BTCKorea.

 

The publication notes that the figures appear in an even more dramatic light compared to the company's performance in 2017 when the project's profit amounted to 427.2 billion won ($375 million).

 

Trading volumes on the exchange increased by 17%, compared with the indicators of 2017. At the same time, the amount of the company's operating income decreased only by 3.4% from the previous year.

 

The figures for 2018 could affect not only the downward trend in the entire market but also the hacking of the crypto trading platform, during which fraudsters took out approximately $31 million in the EOS and XRP tokens. However, the Bithumb team managed to recover half of the stolen assets. According to the developers, clients' money is now stored on secure hardware wallets.

 

In March 2019, the management of the exchange announced its intention to dismiss half of the workers. The statement noted that most of them decided to leave the company on their own will. However, the published statistics indicate that the reason could be the financial losses of the exchange.

 

As previously reported, at the end of March, Bithumb's wallets were attacked by hackers, while the exchange itself suggested that its employees might have been involved in the hacking. The fraudsters managed to steal a private key to the wallet of the trading platform in the EOS network.

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