Bithumb records $180 million net loss in 2018

11 Apr, 2019
by Richard Allen
Bithumb records $180 million net loss in 2018

Bithumb’s problems are stacking up the exchange records $180 million net loss for 2018.

Bithumb, which laid off half of its staff in mid-March before being hacked to the tune of 20 million XRP and 3 million EOS, then warned users against making deposits, has now recorded a net loss of $180 million (205 billion Korean won). The loss was due to a decrease in trading volume which was made worse by the bear market, the Korea Times reports.

In June last year, Bithumb was hacked for around $30 million. Then, in November, a report came out implicating the exchange in faking its transaction volume. There is still speculation surrounding the exchanges financial troubles, with some believing its financial woes have compounded in the wake of last month’s attack. Overall, Bithumb’s had a rough go of things.

While the results of the investigation into the hack are still pending, it’s been confirmed that only the exchange’s funds were stolen, rather than users’ which is a strong indication of an inside job.

Read more: Bithumb's statement on the most recent hack: It was insiders' job

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