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Hacked Crypto Exchange Bithumb Made $35 Million Profit in First Half 2018

Hacked Crypto Exchange Bithumb Made $35 Million Profit in First Half 2018

Bithumb Made $35 Million Before Being Hacked

South Korean cryptocurrency trade Bithumb made net gains of 39.34 billion won or about $35 million from the first half of the season, despite a demanding June for the company.

Vidente, a movie gear manufacturer that possesses 10.55 percentage of Bithumb and 10% of its holding company, disclosed the fiscal information to some South Korean financial regulator on Thursday, according to local news bureau Yonhap.

Before deductions, the figures say, Bithumb gathered a total of $270 million in earnings within the first six months of 2018, with $194 million in operating earnings.

While the information for the identical period last year isn't accessible, Yonhap said Bithumb made $380 million in net gains in 2017 alone, over 10 times its half-year earnings up to now.

It has been a rugged summer for Bithumb up to now. The stage endured a major violation in June that saw roughly $31 million in cryptocurrencies stolen -- although it afterwards promised to get clawed back $14 million. It is not clear if this event has influenced the revealed first-half amounts significantly or when the prices will be pushed into another accounting period.

A study into possible tax evasion found in January also saw that the firm get a hefty bill of about $28 million since it reasoned, in addition in June -- but no wrongdoing was discovered.

Data from CoinMarketCap suggests the 24-hour trading volume on Bithumb, when the world's biggest cryptocurrency market, has obtained a considerable dip this past year.

For example, on Jan. 2, Bithumb has been the planet's third-largest trading place using $2.5 billion in 24-hour trading quantity. It's dropped into the 19th, with approximately $71.7 million changing hands before the trading day.

CoinDesk additionally reported early this month the 24-hour trading volume on Bithumb dropped by 40 percent from $350 million to $250 million over a week after it suspended the launching of new client accounts because of a banking limitation -- a problem also linked to the hack.

In similar news, Dunamu, the applications developer that owns the Upbit market, has also only revealed its latest fiscal information. According to the report, Upbit gained $97 million in gain during the first half of 2018.