Bithumb Market Share Plummets After Fee Waiver Promotion Ends

Bithumb's market share has taken a hit in the aftermath of a high-profile incident involving the mistaken distribution of bitcoins.

The exchange's temporary zero-fee campaign briefly lifted its share back above 30%, but the gains were short-lived and failed to restore investor confidence. According to data from CoinGecko, Bithumb now accounts for around 24.8% of trading among South Korea's five won-denominated crypto exchanges.

Bithumb's competitors have seized on the opportunity, with Coinone seeing a significant increase in trading volumes following its acquisition by a new investor. Korbit has also seen a surge in activity after being acquired by Mirae Asset Financial Group.