After a turbulent 2023, Bithumb posted a 565% improve in web revenue in 2024, aided by market restoration and improved investor sentiment.
South Korean cryptocurrency change Bithumb efficiently returned to profitability final 12 months, with income growing by 265.4% year-over-year, News1 experiences, citing information from the Monetary Supervisory Service’s digital disclosure system.
In response to the report, Bithumb posted an working revenue of 130.7 billion received (round $90.1 million) final 12 months, marking a turnaround from losses because the change had recorded an working lack of 14.8 billion received in 2023. Internet revenue for 2024 surged 565.8% year-over-year to 161.8 billion received (almost $111.2 million).
Income reached 496.3 billion received, reflecting a 265.4% improve from the earlier 12 months, which Bithumb attributed to the general restoration of the cryptocurrency market and improved investor sentiment.
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The robust monetary outcomes come regardless of reported points between Bithumb’s former administration and South Korean authorities. As crypto.information reported earlier, South Korean prosecutors raided Bithumb’s headquarters in late March over claims that the change’s funds had been used to assist its former CEO purchase an residence.
The investigation is reportedly trying into whether or not Bithumb supplied former CEO Kim Dae-sik, now an advisor, with cash for an residence in Seoul’s Seongsu-dong space. A supply near the case mentioned Bithumb could have given Kim a 3 billion received (about $2.4 million) lease deposit, which may have been used for his private property buy.
Learn extra: Bithumb adopts Kookmin Financial institution as new associate financial institution beginning March 2025
