Bithumb Rakes In $35 Mln as Its Revenue Soars By Ten Percent Despite Major June Hack

  • Alex Morris
    📰 News

    Bithumb is reporting a satisfying profit while struggling to regain investor’s confidence after major security breach


Bithumb Rakes In $35 Mln as Its Revenue Soars By Ten Percent Despite Major June Hack

After the $30 mln June hack that put the whole crypto market in a frenzy, Bithumb actually managed to come out as a winner. The South Korea-based exchange has reported more than $35 mln in profit over last six months.

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A tough summer  

This June turned out to be a disaster for the Bithumb exchange. It all started with bombshell news about Bithumb being compromised by hackers who allegedly stole around $35 mln dollars in BTC. Of course, it fades in comparison to the infamous Mt.Gox hack, but it still started a major market downtrend with Bitcoin (BTC) losing almost $200 of its value.

However, it didn’t end here– Bithumb was also forced to suspend account registration or security reasons, which immediately led to Bithumb’s trading volumes dropping by almost $100 mln. Subsequently, Bithumb has been dethroned by another leading South Korean exchange Upbit.

While facing these critical problems, Bithumb hung tough, generating net profits of about $35 mln. This figure was revealed by Vidente, one of the exchange’s owners.

Defying the bearish market

Remarkably enough, Bithumb has also managed to increase its revenue by 10 percent compared to the same period in 2017. This trend, however, is common for the majority of exchanges. As U.Today reported earlier, cryptocurrency exchanges are expected to almost double their profits in 2018 with Binance inching closer towards the $1 bln figure.

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Cover image via u.today
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