Bithumb Exchange Reports 57% Annual Loss For 2023
South Korean cryptocurrency exchange Bithumb, reported a 57% decrease in Annual revenue days after announcing a delayed IPO. An April 2 article from Korean news outlet Newdaily stated that the Seoul-based exchange’s annual sales revenue decreased by 57.6% to 1.358 billion Korean won in 2023 from 3.201 billion won in 2022. Although net profit decreased […]
Bithumb Reassesses IPO Amidst Strategic Shifts and Corporate Stability
In a surprising turn of events, Bithumb, South Korea’s renowned cryptocurrency exchange, has postponed its much-anticipated initial public offering (IPO). This decision marks a shift from its previously reported plans to spin off its business and undergo corporate restructuring. The exchange, which stands as a significant pillar in South Korea’s cryptocurrency market, has decided to […]
Former Bithumb Chairman Lee Jung-Hoon acquitted in first case
The former chair has been acquitted of the allegations of defrauding the company of $70 million during the purchase of Bithumb. The 34th Division of the Criminal Agreement of the Seoul Central District Court rendered a not-guilty verdict on January 3 against Lee Jung-hoon, the former chair of the South Korean bitcoin exchange Bithumb. Due […]
Bithumb Largest Shareholder Exec Dies By Suicide
A senior executive at a business closely linked to the cryptocurrency exchange Bithumb was discovered dead. The largest stakeholder in the bitcoin exchange “Bithumb,” Vident, whose vice president was found deceased, has passed away. Allegations that the CEO had stolen money from Bithumb affiliates were being investigated by the prosecution. This was covered by the […]
Former Bithumb chairman could face an 8-year prison sentence
If found guilty the former chairman of South Korean crypto exchange Bithumb could be sentenced to jail for a maximum of eight years over the alleged $70m fraud. According to a report from Yonhap News Agency, local prosecutors sought the Seoul District Court for the Bithumb sentence on October 25, and the sentencing hearing will […]