Bithumb exchange makes $35m profits in first half

August 23, 2018
Chris Wheal

Coindesk reports that Bithumb made 39.94bn won – equivalent to $35m – for the first half of 2018. The news of Bithumb’s earnings came via local news agency Yonhap who gleaned the news via video equipment maker Vidente, a 10% owner of Bithumb.  

Not a smooth year for the South Korean exchange

Tricky year

It appears Bithumb saw $270m in revenues with operating profit coming in at $194m. The South Korean exchange has endured a tumultuous year: a tax probe at the start of 2018 is thought to have cost Bitthumb in the region of $29m while the company endured a $31m blow following a major crypto theft in June. 

A fortnight before the June break-in Coinrail endured a major security breach with $40m-worth of cryptocurrencies taken. But Bithumb’s theft forced the exchange to suspend all deposits and payments. Trading volumes have dropped steeply subsequently.

Customer win back?

In what looks like an effort to win back customers, Bitthumb is offering new users a refund of up to 70% of their transaction fees. However the offer is only for users who are not Korean nationals. 

Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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