Following a challenging 2023, Bithumb experienced a remarkable 565% rise in net profit in 2024, driven by market resurgence and enhanced investor confidence.
The South Korean cryptocurrency exchange Bithumb successfully returned to the profit zone last year, achieving a year-over-year revenue increase of 265.4%, according to reports citing data from the Financial Supervisory Service’s electronic disclosure system.
The data reveals that Bithumb generated an operating profit of 130.7 billion won (approximately $90.1 million) last year, a significant turnaround from the previous year’s operating loss of 14.8 billion won in 2023. The net profit for 2024 climbed a staggering 565.8% from the prior year to reach 161.8 billion won (almost $111.2 million).
Total revenue hit 496.3 billion won, reflecting a 265.4% growth compared to the previous year, which Bithumb attributes to the general recovery in the cryptocurrency market and a positive shift in investor sentiment.
These robust financial results are noteworthy despite reported tensions between Bithumb’s previous management and South Korean regulatory authorities. Earlier reports indicated that South Korean prosecutors raided Bithumb’s headquarters in late March due to allegations that the exchange’s funds were misused to assist its ex-CEO in purchasing an apartment.
The investigation is reportedly examining whether Bithumb provided former CEO Kim Dae-sik, who now serves as an advisor, with financial support for an apartment in Seoul’s Seongsu-dong neighborhood. A source close to the situation suggested that Bithumb might have given Kim a lease deposit of 3 billion won (around $2.4 million), which could have been utilized for his personal property acquisition.