South Korean crypto exchange Bithumb had a net loss of 205 billion won in 2018 due to the Bitcoin bear market

South Korean cryptocurrency exchange Bithumb had a net loss of 205 billion won ($180 million) in 2018 due to the Bitcoin (BTC) bear market, local English-language daily news outlet Korea Times reported on April 11.

Citing data from the exchange’s operator, BTCKorea.com, the publication revealed Bithumb, South Korea’s largest exchange, endured the extensive losses despite sales growing 17.5% compared to 2017.

“In terms of sales, we saw a 17% increase, and we continue to increase overseas investments,” a spokesman added in private comments.

Bithumb’s performance falls in line with other similar losses in the cryptocurrency industry, which accepted the growing pains as Bitcoin maintained its now record bear market throughout last year.

Also read: Host of crypto industry critics have weighed in on the potential drawbacks of so-dubbed initial exchange offerings

Source: https://cointelegraph.com/news/bithumb-losses-totalled-180-million-in-2018-bear-market-company-reports