Bithumb, South Korea’s largest cryptocurrency alternate, has posted a internet lack of 205.5 billion received ($180 million) for 2018.
CoinDesk Korea reported the information on Thursday, saying that the loss was primarily as a consequence of a pointy decline within the cryptocurrency market final 12 months, although the corporate’s operator BTCKorea additionally cited infrastructure investments and labor prices as elements.
The determine marks a giant swing into the purple for Bithumb, having recorded a internet revenue of 534.9 billion received ($469 million) in 2017.
The alternate’s revenues, however, grew round 17.5 p.c to 391.7 billion received ($343.four million) in 2018, in comparison with 333.four billion received ($292.three million) the 12 months prior.
The figures additionally present that the alternate’s working revenue declined three.four p.c to 256.1 billion received ($224.5 million) final 12 months from 265.1 billion received ($232.5 million) in 2017.
In the meantime, working bills rose from 68.three billion received ($59.eight million) to 135.6 billion received ($119 million), whereas non-operating bills elevated sharply from four.1 billion ($three.6 million) received to 381.9 billion received ($334.eight million).
Bithumb has been going by means of some powerful instances. Simply two weeks in the past, the alternate suffered its newest hack, dropping round $13 million within the EOS cryptocurrency and about $6.2 million in XRP. Final 12 months, Bithumb was additionally hacked for some $30 million-worth of cryptocurrencies, however later claimed to have retrieved $14 million-worth of the hacked funds.
Because the newest theft, Bithumb has disclosed that it holds all clients’s belongings in chilly (offline) wallets to forestall losses by means of such assaults.
Amid its monetary points, Bithumb, stated final month that it plans to chop its staffing ranges by as much as 50 p.c, from 310 staff to round 150.
Bithumb picture by way of Shutterstock