Bithumb Korea, the South Korean cryptocurrency exchange operator, experienced a striking financial downturn in 2023, coming off the heels of reports indicating forthcoming internal issues and a postponed Initial Public Offering (IPO).

In a significant setback, Bithumb saw its annual revenue plummet by 57%, marking a decrease from 3,201 billion won in 2022 down to 1,358 billion won.

This financial disclosure, as reported by Newdaily on April 2, reflects a challenging fiscal year for the Seoul-based exchange amid a broader market downturn.

Moreover, Bithumb's net profit took a severe hit, dropping 74.5% to land at 243 billion won in 2023, a stark decline from the 954 billion won profits recorded in the previous year.

Despite this financial turbulence, the exchange managed to secure a net profit, marking its fourth consecutive year of profitability amid financial adversities.