According to local reports, the South Korean exchange Bithumb has released the firm’s 2017 revenue and the exchange made 171 times more than the previous year.
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Bithumb’s revenue has increased 171-fold
One of South Korea’s largest digital asset trading platforms has seen an increase in revenue that not many firms in the country doing business have ever surpassed. The columnist Yoon Hyung Joong that Bithumb’s revenue has increased 171-fold compared to the previous year. The company’s earnings report was released due to the fact Bithumb is a subsidiary of a publicly traded company called BTCKorea.
BTCKorea’s audit report published on March 20 on South Korea’s shows that the firm’s sales added up to ₩333.4Bn KRW ($312Mn USD) and a net income of ₩427Bn KRW ($400Mn USD) in 2017. It’s unusual for a traditional Korean company to have a net income that is higher but may indicate the company held its cryptocurrency income rather than selling it for won. Bithumb’s standard charge for all trading fees is 0.15 percent which could accumulate a lot of revenue.
Non-Operating Income
The company details the extra $90 million USD worth of revenue stemmed from “non-operating income.” A Bithumb representative explained to the reporter Yoon Hyung Joong that a more detailed explanation of the firm’s balance sheet would be published soon.
“It is difficult to give a concrete explanation as a financial statement before it is finalized at the shareholders’ meeting held on March 30,” Bithumb detailed at the time. “We will give a detailed explanation after publishing the financial statements in mid-April.”
Some of BTCKorea/Bithumb’s earnings.
Exchanges like Bithumb saw some extreme cryptocurrency volumes in Korean won throughout 2017. Moreover, a few times last year the won took the second position in global trade volumes. The won still remains a top-five competitor among fiat currencies worldwide and the cryptocurrency exchange Bithumb has traded $178,122,945 USD worth of cryptocurrencies in the last 24 hours. The top five cryptocurrencies traded with the won on Bithumb today is BTC, EOS, XRP, ETH, and ICX.
What do you think about the South Korean exchange Bithumb revenue increasing 171x? Let us know what you think about this subject in the comments below.
Images via Pixabay, and Bithumb.
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Our user operations team has recently noticed a trend on social media in which scammers are using watch-only address balances to deceive users about the true balance of a wallet. We would like to discuss how you can avoid such scams and clear the air on watch-only addresses.
Why watch-only spending is impossible without a private key
Imported watch-only address balances are currently included in the total wallet balance, but a user must already have the private key to spend that balance.
The following scams attempt to deceive users by suggesting that watch-only address balances are proof that the funds shown are available to spend. To be clear, this is not the case.
Scam #1: Blockchain wallets for sale
In one version of this scam, scammers will post in groups and pages on social media about selling Blockchain wallets holding a considerable balance. Screenshots of the wallet dashboard displaying the balance are often shared as proof of the available balances. However, this balance is associated with a watch-only address that the scammer has imported into the wallet. After purchasing the wallet, the buyer logs in only to discover they’re unable to spend those funds without a private key.
Scam #2: Earn mining profits
A second version of this scam claims a wallet has been specially configured for mining or investment purposes. To activate the mining process, the user must provide their email address and are told to make a deposit into a wallet provided by the scammer. The scammer sends funds to an imported watch-only address, which makes it seem as though deposited funds are multiplying. Again, because these funds cannot be spent without the private key, this balance is still useless to the user.
Summing things up
Importing a watch-only address allows a user to conveniently monitor that address’ transaction activity and balance. It will not allow the user to spend any bitcoin associated with that address or provide access to the private key.
How to avoid a watch-only scam
Know that there are no special wallets configured to automatically generate profits
Avoid transacting with anyone making a grandiose or “too good to be true” offer
Always create your own wallet — NEVER use any wallet someone else created or had access to (even if you changed the wallet’s password)
To safely receive, always generate a new address by clicking on Request and never via a watch-only address
Why use a watch-only address if I can’t spend from it?
This is not to say that a watch-only address serves no purpose. Any bitcoin address can be imported as watch-only so a user can keep track of and monitor transaction activity right from the wallet dashboard. This makes for a convenient alternative to individually monitoring each address of interest in a block explorer. For some users, these are addresses they hold the private keys to in a separate wallet, or they may also be addresses they simply have an interest in monitoring. Imported balances that are identified as watch-only can be viewed by going to Settings -> Addresses and scrolling down to Imported Addresses.
That said, watch-only scams are increasing in popularity on social media, and we encourage you to exercise caution when engaging with offers that seem too good to be true.
Do you have any questions about watch-only addresses that we didn’t clear up in this post? Let us know by reaching out to or sharing your feedback .
