Bithumb’s net profit explodes 565% with revenue nearly tripling in 2024: report

After a turbulent 2023, Bithumb posted a 565% increase in net profit in 2024, helped by the market resumption and the improvement of investors’ feeling.

South Korean cryptocurrency exchange Bithumb Let us come back successfully to profitability last year, the revenues increasing by 265.4% in annual shift, News1 reportsCiting data from the financial service disclosure system.

According to the report, Bithumb posted an operating profit of 130.7 billion won (approximately 90.1 million dollars) last year, marking a reversal against losses, the scholarship had loss of operating wing of 14.8 billion wons in 2023. The net profit for 2024 increased by 565.8% in annual sliding for 161.8 billion dollars (near $ 111.2 million).

Revenues reached 496.3 billion won, reflecting an increase of 265.4% compared to the previous year, which Bithumb attributed to the overall recovery of the cryptocurrency market and to the improvement of the feeling of investors.

Solid financial results arise despite the problems reported between the former Directorate of Bithumb and the South Korean authorities. Like crypto.News reported Earlier, the South Korean prosecutors made a descent into the Bithumb headquarters at the end of March to affirm that the exchange funds were used to help their old CEO to buy an apartment.

The investigation would have examined if Bithumb provided the former CEO Kim Dae-Sik, now advisor, with money for an apartment in the Seoul Seongsu-Dong region. A source close to the case said Bithumb may have given Kim a rental deposit of $ 3 billion (around 2.4 million dollars), which could have been used for its purchase of personal goods.