Bithumb, South Korea’s largest cryptocurrency exchange posted a net loss of 205.5 billion won ($180 million) for 2018. $180 million in losses for 2018 revealed by Crypto-Exchange Bithumb.
The news was reported on Thursday. Though the company’s operator, BTCKorea, claimed infrastructure investments and labor costs were contributing factors. The loss was mainly due to the steep decrease in the cryptocurrency market last year.
Having recorded a net profit of 534.9 billion won ($469 million) in 2017, the decline to a loss is considerable for Bithumb.
The organization’s income, however, shot up by 17.5 percent to 391.7 billion won ($343.4 million) in 2018, contrasted with 333.4 billion won ($292.3 million) a year earlier.
The figures likewise demonstrate that the trade company’s operating profit declined 3.4 percent to 256.1 billion won ($224.5 million). This is compared to 265.1 billion won ($232.5 million) a year ago in 2017.
Operating costs continued to rise from 68.3 billion won ($59.8 million) to 135.6 billion won ($119 million). Non-working costs grew substantially from 4.1 billion ($3.6 million) won to 381.9 billion won ($334.8 million).
Bithumb has been experiencing some difficult times, enduring its most recent hack a mere 2 weeks ago. The company lost $13 million in EOS cryptocurrency and about $6.2 million in XRP. A year ago, Bithumb was hacked for around $30 million worth of digital funds. Yet later said it had recovered $14 million worth of the hacked assets.
In order to avoid losses through such assaults, since the most recent robbery, the company announced that it now holds all of its clients’ assets in cold (offline) wallets.
In the midst of its money related issues, a month ago Bithumb said that it intends to cut its employee levels by 50 percent, from 310 staff to nearly 150.