Crypto exchange Bithumb’s shocking numbers – posts $180 million loss for 2018

Crypto exchange Bithumb's shocking numbers – posts $180 million loss for 2018.

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Christian Ploog

christian.ploog@trijo.co

Last month, the South Korean crypto exchange Bithumb announced that they plan to reduce their workforce by 50 percent. The exchange now reports a loss of $180 million for 2018.

South Korea’s biggest crypto exchange Bithumb reports a net loss of $180 million for 2018. The reason is said to be the sharp decline in the crypto markets during last year, but also investments in infrastructure and personnel costs, Coindesk reports.

Although the crypto exchange’s revenue increased by 17.5 percent over the previous year, operating expenses also increased from $59.8 million to $119 million.

The numbers differ considerably from 2017 when the crypto exchange made a profit of $469 million.

Hit by hacker attacks

Bithumb has had some setbacks. A few weeks ago, the crypto exchange was hit by a hacker attack where they lost $13 million in the cryptocurrency eos and $6.2 million in the cryptocurrency XRP. Last year, the exchange was hit by more hacker attacks.

Last month, Bithumb announced that they plan to reduce their workforce by 50 percent – from 310 to 150 employees, Coindesk reports.

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