In the first quarter, the operational profit of South Korean exchange Bithumb fell 80% year over year to 16.2 billion won.
According to Bithumb’s Report, They Experienced an 80% Decline in Profit
The first quarter’s sales were around 50.7 billion won, operational profit was approximately 16.2 billion won, and net profit was approximately 40.6 billion won, according to the quarterly report published today by the South Korean cryptocurrency exchange Bithumb. Compared to the same period in 2022, the exchange‘s sales decreased by 60% in the first quarter of 2023.
About the Report
Around 14% less was spent on operating expenses. Revenues declined faster than operating profit, which fell by almost 80% annually. The reason for this is that operational expenses have decreased more dramatically than sales have. In contrast, the operating profit was lower than the net profit at 40.6 billion won. This is due to an increase in virtual asset prices from the prior quarter.
Bithumb Under Investigation
Authorities in South Korea are looking into allegations that the exchange workers accepted bribes when the company used bitcoins. Authorities are looking into allegations that Bithumb staff received paid-to-list cryptocurrencies. The suspect Lee’s office and the financial investigation Division 2 of the Seoul Southern District Prosecutors Office were taken and searched.
It’s impossible to say because the prosecution is investigating. Nonetheless, the prosecutor’s office’s seizure and search did not target the exchange assets, but rather people, so I’m not sure what the fuss is about.
A Platform Official
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