Despite its Hack, Bithumb Made $35 Million in Q1 and Q2 of 2018

Bithumb made around $35 million USD for the first half of 2018, despite its recent hack, says local South Korean local news agency Yonhap.

Bithumb Success

Despite its hack back in June of this year, the South Korean crypto exchange came out on top the first half of 2018. "The sales amounted to 33,060 million won, and the operating profit was about 2,186,330 million won," the journalist at Yonhap wrote. Last year, however, the exchange made 427.17 billion won in 12 months. The company's figures for just Q1 and Q2 of 2017 are unavailable at this time.

Bithumb Hack

In June, Bithumb suffered a large hack that saw around $14 million USD stolen. The original estimates of the hack were around $31 million USD, but the exchange later responded with the official estimates ranging around $14 million USD. Bithumb said:

"[Announcement] Accident damage Amount and membership compensation information comb Sseomeun June 20, the password-deodorizing damage size was announced in approximately 35 billion. In the future, ongoing damage recovery has been counted as the current amount of damage in approximately 19 billion. For further compensation, please check through the link."

11 different cryptocurrencies were affected in the hack. This isn't the only issues that Bithumb has faced recently though. Early this month, the South Korean exchange halted all new user accounts, plus deposits and withdrawals. This halt wasn't a result of a hack, but the company states it was undergoing "service improvements." The exchange's services were down for nearly 72 hours. >> Coinbase Signed 50,000 New Users a Day in 2017

Bithumb Numbers Down in Q3

Bithumb was once a top choice for cryptocurrency exchange, especially around crypto's peak in December/January, but the exchange has fallen behind these last few months. At press time, Bithumb is currently ranking 18th on CoinMarketCap for the exchange with the most trade volume in 24 hours. It will be interesting to see what the exchange's Q3 earnings will look like. Featured Image: Twitter

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