Seoul-based Bithumb reportedly booked $110 million in net profits over 2024 as global crypto tailwinds turned bullish and U.S. institutional adoption drove bitcoin prices to historic highs. Profits skyrocketed 560% last year while sales almost tripled, according to local media reports.

An uptick in Bithumb profits occurred after the crypto exchange weathered several challenging years. In 2018, Bithumb paused deposits and withdrawals for a prolonged period due to a security breach. Hackers stole about $31.6 million in cryptocurrency from the platform at the time. Bad actors exploited the exchange again in March 2019, siphoning over $20 million in EOS tokens and Ripple’s XRP.

Also in 2018, CoinMarketCap briefly delisted Bithumb data based on market manipulation allegations. The firm was accused of inflating 94% of its total trading volume. This past January, two individuals were charged with profiting $5 million from artificially pumping the Fusionist token (ACE) activity on Bithumb.

South Korean authorities have raided Bithumb offices multiple times since 2020 as part of investigations into supposed tax violations and alleged misconduct from former chairman Lee Jung-Hoon. Furthermore, the platform was probed over a former CEO’s involvement in a botched 2018 acquisition deal and an embezzlement scandal worth at least $2.3 million.

Bithumb has attempted to repair its reputation and rebuild trust over the years, working on partnerships with banks like Kookmin – a multi-year effort that started in 2020 and reached fruition this month. South Korea’s second-largest crypto exchange also plans to go public in the second half of 2025 and could target a Nasdaq listing.

Of note, the parent company of Upbit, South Korea's largest crypto exchange, announced last week its full-year operating profit for 2024 reached $809 million, up 85% year over year, while its net profit was approximately $671 million.

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