Profit from Bithumb for the first quarter of 2023 falls by 80%

The cryptocurrency exchange Bithumb in South Korea has released its quarterly report today. According to the report, “sales in the first quarter were about 50.7 billion won, operating profit was about 16.2 billion won, and net profit was about 40.6 billion won.” In addition, the net profit for the same period was close to 40,6 billion won. Bithumb’s sales decreased by 60% in the first quarter of 2023 compared to the previous year’s period.

The company’s operating expenses decreased by roughly 14 percent. The operating profit fell approximately 80% year over year, outpacing the revenue decline. This is due to a decrease in sales considerably more significant than the decline in operational expenses.

However, the net profit was higher at 40,6 billion won than the operating profit. The prices of the company’s virtual assets have increased since the previous quarter.

The South Korean government is investigating Bithumb employees for allegedly receiving bribes when the company offered bitcoins. Employees of Bithumb, a second South Korean currency exchange, are under investigation for purportedly accepting payment to list cryptocurrencies. Lee’s office and person were subject to a search and seizure by the Financial Investigation Division 2 of the Seoul Southern District Prosecutors Office.

“It’s impossible to say because the prosecution is investigating,” a platform official said. Nonetheless, the prosecutor’s office’s seizure and search did not target Bithumb assets, but rather people, so I’m not sure what the fuss is about”

The prosecution is investigating Mr. Lee, the leader of this digital asset trading platform, for accepting payment in exchange for listing a particular virtual currency on the platform.

According to reports, the Financial Investigation Division 2 of the Seoul Southern District Prosecutor’s Office, headed by Chief Prosecutor Chae Hee-man, conducted a search and seizure operation at the office of Bithumb Holdings.