Crypto exchange Bithumb posts $180M loss for 2018

posted 5 months ago
Bithumb, South Korea’s largest cryptocurrency exchange, posted a net loss of $180 million for 2018. The loss was said to be mainly due to a sharp decline in the cryptocurrency market last year, as well as infrastructure investments and labor costs also being factors. The figure marks a big swing into the red for Bithumb, having recorded a net profit of $469 million in 2017. For 2018, the exchange’s revenues, on the other hand, grew ~17.5% in 2018, however operating costs also grew.

Just 2 weeks ago, Bithumb suffered its latest hack, losing around $13 million. Bithumb has since disclosed that it holds all customer’s assets in cold (offline) wallets to prevent losses through such attacks. Amid its financial issues, Bithumb, said last month that it plans to cut its staffing levels by up to 50%, from 310 employees to around 150.
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