Bithumb's Epic Comeback: Net Profit Skyrockets 565% in 2024!

From Red to Black: Bithumb's Stunning Financial Turnaround

Hold onto your hats, crypto fans! Bithumb, the South Korean crypto exchange that's been through the wringer, just pulled off a jaw-dropping 565% surge in net profit in 2024. After a rollercoaster 2023, they're back in the game, thanks to a roaring market recovery and investors feeling the love again.

Revenue Soars 265.4% as Bithumb Bounces Back

Last year was a wild ride for Bithumb, but they managed to flip the script and return to the green. Their revenue shot up a mind-blowing 265.4% from the year before, according to the Financial Supervisory Service's electronic disclosure system. Talk about a comeback!

From Losses to Billions: Bithumb's Financial Rollercoaster

Get this: Bithumb went from bleeding cash to raking in the dough. They posted an operating profit of a whopping 130.7 billion won (that's around $90.1 million) in 2024, a total 180 from the 14.8 billion won operating loss they took in 2023. And their net profit? It blasted off 565.8% year-over-year, hitting 161.8 billion won (nearly $111.2 million). Cha-ching!

Revenue Hits 496.3 Billion Won as Market and Sentiment Soar

Bithumb's revenue reached a staggering 496.3 billion won last year, a 265.4% jump from the year before. They're crediting the crypto market's comeback and investors feeling more bullish than ever. It's like the whole crypto world decided to party, and Bithumb was right there in the thick of it.

Profit Surge Amidst Controversy: Bithumb's Legal Drama

But hold up, it's not all sunshine and rainbows. Bithumb's financial fireworks are going off even as they're tangled up in some serious legal drama with South Korean authorities. Word on the street is that the exchange's former bigwig might have used company cash to score a sweet apartment.

Investigation Heats Up: Did Bithumb Fund Former CEO's Luxury Pad?

The heat is on as South Korean prosecutors raided Bithumb's HQ back in March, digging into whether the exchange bankrolled former CEO Kim Dae-sik's fancy new digs in Seoul's Seongsu-dong area. Rumors are swirling that Bithumb might have dropped a cool 3 billion won (about $2.4 million) on a lease deposit for Kim, which he could've used to buy his own personal palace. The plot thickens, folks!