Bithumb made $35M profit in 2018 despite hack
South Korean cryptocurrency exchange Bithumb made net profits of $35 million in the 1st half of this year, despite a rough June for the firm. Vidente, a video equipment maker that owns 10% of Bithumb, revealed the financial data to a South Korean financial regulator on Thursday.
The filings state, in 2018, Bithumb collected $270 million in revenue, with $194 million in operating profits. While the data for the same period last year is not available, Yonhap said Bithumb made $380 million in net profits in 2017 alone, more than 10 times its half-year profits so far. It’s been a rocky summer for Bithumb so far. The platform suffered a major breach in June that saw around $31 million in cryptocurrencies stolen – though it later claimed to have clawed back $14 million. It’s not clear if that event has affected the disclosed first-half figures significantly or if the costs will be pushed to a later accounting period.
ProShares Bitcoin ETF rejected
The Securities and Exchange Commission has issued rejections to Bitcoin ETF proposals from ProShares, Direxion and GraniteShares. In an order published on August 22nd, officials at the agency wrote that they have rejected the proposals. Notably, a Bitcoin ETF would have been the first exchange-traded product of its kind in the US. The rejections came ahead of previously reported deadlines from the SEC’s approval process. Notably, the agency used the exact same reasoning – and wording – in all rejections. The agency wrote: ” the Commission is disapproving because (citing) in particular the requirement that a national securities exchange’s rules be designed to prevent fraudulent and manipulative acts and practices.”
The SEC stressed that it “emphasizes that its disapproval does not rest on an evaluation of whether Bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment.” It’s worth noting that 10 Bitcoin-related funds are currently being weighed by SEC officials. The agency could release its decisions ahead of its prescribed deadline (as the SEC did this week). But past examples indicate that the SEC will wait until closer to the deadlines, & possibly “punting decisions,” all but ensuring additional nail-biting by the crypto community.
Kraken Daily Market Report for 22.08.2018
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