cryptocurrency exchange Bithumb reported an 80% decrease in profit for the first quarter of the year 2023. This resulted from an even greater decrease in revenues compared to its operational expenses. Bithumb’s operating expenses declined by around 14% while its operating profit dropped by a staggering 80%, as per their report. The net profit of Bithumb, however, notched up to 40.6 billion won, due to the increase in prices of virtual assets since the previous quarter.

The South Korean Government is currently investigating some of Bithumb’s employees for illegally taking payment for listing cryptocurrencies on the exchange. The Financial Investigation Division 2 of the Seoul Southern District Prosecutor’s Office seized and searched the Bithumb Exchange office and the home of Lee, the suspect. A Bithumb platform official has however commented that it is too early to comment anything on the investigation.

The major suspect, Lee, is also being investigated by the prosecution for listing a certain virtual currency on the exchange in exchange for payment. The search and seizure were targeted only towards the individuals involved and not Bithumb itself, as per reports.

Cryptocurrency exchanges are gaining unprecedented attention and scrutiny by the global enforcement authorities and judiciary bodies. With such pressing ramifications of digital currencies, it has become prudent to double-check all the documentation and legitimacy of any cryptocurrency exchange before investing in any digital asset. Coincu understands this risk and is maintaining a track record of crypto news, updates and other information related to the crypto world. Read about the latest developments, news and analyses by subscribing to Coincu for free, and stay in the know.



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