Bo-eun leads the digital content team. She has covered foreign affairs, North Korea, tech, economy and gender issues at The Korea Times. She did a short stint at the South China Morning Post in Hong Kong, where she obtained a new perspective on news production and life. Small sources of joy for her are lounging in the sun, having a good latte and swimming.
Bithumb suffers W205 bil. net loss on falling bitcoin
The Bithumb exchange in Gwanghwamun, central Seoul / Korea Times file
By Kim Bo-eun
By Kim Bo-eun
The cryptocurrency exchange Bithumb posted a 205.5 billion won net loss in 2018, according to its operator BTCKorea.com, Thursday.
The 2018 figure was a dramatic setback from the previous year's net profit of 427.2 billion won.
The deficit was due to a plunge in the value of the cryptocurrencies it holds and a decrease in trading volume. The price of bitcoin, which surged to 20 million won in January 2018, fell to 8 million won this February.
Its operating profit stood at 256.1 billion won, which is a 3.4 percent fall from the year before. Sales grew by 17.5 percent to 391.7 billion won.
The company also disclosed the results of financial due diligence.
It said assets of all customers are being kept safe in a cold wallet immune to cyberattack.
In June 2018, cyberattackers stole 35 billion won from Bithumb.
In January, BTCKorea laid off 30 out of 340 employees due to last year's declining trading volume and profits.
Online thieves also came after Bithumb last month, stealing 14 billion won. Its operator said ex-employees appeared to be behind the theft.
“In terms of sales, we saw a 17 percent increase, and we continue to increase overseas investments,” an official said.
Bithumb is the country's largest cryptocurrency exchange.