After a turbulent 2023, Bithumb posted a 565% increase in net profit in 2024, aided by market recovery and improved investor sentiment.
South Korean cryptocurrency exchange Bithumb successfully returned to profitability last year, with revenue increasing by 265.4% year-over-year, News1 reports, citing data from the Financial Supervisory Service’s electronic disclosure system.
According to the report, Bithumb posted an operating profit of 130.7 billion won (around $90.1 million) last year, marking a turnaround from losses as the exchange had recorded an operating loss of 14.8 billion won in 2023. Net profit for 2024 surged 565.8% year-over-year to 161.8 billion won (nearly $111.2 million).
Revenue reached 496.3 billion won, reflecting a 265.4% increase from the previous year, which Bithumb attributed to the overall recovery of the cryptocurrency market and improved investor sentiment.
The strong financial results come despite reported issues between Bithumb’s former management and South Korean authorities. As crypto.news reported earlier, South Korean prosecutors raided Bithumb’s headquarters in late March over claims that the exchange’s funds were used to help its former CEO buy an apartment.
The investigation is reportedly looking into whether Bithumb provided former CEO Kim Dae-sik, now an advisor, with money for an apartment in Seoul’s Seongsu-dong area. A source close to the case said Bithumb may have given Kim a 3 billion won (about $2.4 million) lease deposit, which could have been used for his personal property purchase.
Read the full article here