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Bithumb, South Korea's largest cryptocurrency exchange, recorded a net loss of 205.5 billion won ($ 180 million) for 2018.
CoinDesk Korea reported Thursday's announcement revealed that the loss was mainly due to a sharp decline in the cryptocurrency market last year, although BTCKorea's operator also cited infrastructure investments and labor costs. artwork.
This marks a turning point for Bithumb, with a net profit of 534.9 billion won ($ 469 million) in 2017.
On the other hand, the stock market's revenues increased by about 17.5 percent to 391.7 billion won ($ 343.4 million) in 2018, compared with 333.4 billion won ($ 292.3 million). dollars) the previous year.
The figures also show that the stock market's operating profit fell by 3.4 percent to 256.1 billion won ($ 224.5 million) last year, from 265.1 billion won (232 million dollars). $ 5 million) in 2017.
At the same time, operating expenses rose from 68.3 billion won ($ 59.8 million) to 135.6 billion won ($ 119 million), while off-farm expenses rose sharply. from $ 4.1 billion ($ 3.6 million) to 381.9 billion won ($ 334.8 million).
Bithumb went through difficult times. Just two weeks ago, the exchange suffered its latest hacking: it lost about $ 13 million in the EOS cryptocurrency and about $ 6.2 million in the XRP. Last year, Bithumb was also hacked $ 30 million– worthy of crypto-currencies, but then claimed to have recovered $ 14 million– worthy of pirated funds.
Since the last flight, Bithumb has revealed that it holds all the badets of the customers in cold (offline) portfolios in order to avoid the losses resulting from such attacks.
In the middle of its financial troubles, Bithumb announced last month its intention to reduce its workforce by 50%, from 310 to about 150.
Bithumb image via Shutterstock
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