Bithumb Reports A 80% Decrease In profit For The First Quarter Of 2023

Key Points:

• Bithumb’s operational profit plummeted 80% year on year to 16.2 billion won in the first quarter.
• However, net profit was 40.6 billion won, which was higher than operating profit because the prices of Bithumb’s virtual assets grew from the previous quarter.

Exchange of encryption keys in South Korea Bithumb’s operational profit plummeted 80% year on year to 16.2 billion won in the first quarter.

According to the quarterly report issued today by the South Korean crypto exchange Bithumb, “sales in the first quarter were about 50.7 billion won, operating profit was about 16.2 billion won, and net profit was about 40.6 billion won.” Reduced revenues, Bithumb’s sales fell by 60% in the first quarter of 2023 compared to the same period last year. 

Operating expenses decreased by around 14%. Operating profit plummeted by roughly 80% year on year, outpacing revenues. This is due to a significantly bigger drop in sales than in operational expenses. However, net profit was 40.6 billion won, which was higher than operating profit. This is because the prices of the firm’s virtual assets have risen since the previous quarter.

South Korean authorities are investigating Bithumb employees for allegedly receiving bribes when the business featured bitcoins, as previously reported by Coincu. Authorities are investigating employees of Bithumb, another South Korean currency exchange, for allegedly taking payment to list cryptocurrencies. The Financial Investigation Division 2 of the Seoul Southern District Prosecutors Office seized and searched the office and the suspect Lee.

“It’s impossible to say because the prosecution is investigating,” a platform official said. Nonetheless, the prosecutor’s office’s seizure and search did not target Bithumb assets, but rather people, so I’m not sure what the fuss is about.”

Mr. Lee, the main company of this virtual asset exchange, was being investigated by the prosecution for listing a certain virtual currency on the exchange for money. The Financial Investigation Division 2 of the Seoul Southern District Prosecutor’s Office (Chief Prosecutor Chae Hee-man) is said to have seized and searched Bithumb Holdings’ office and her aunt’s home.

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