South Korea Exchange Trading Volumes Plunge 88%, Crippling Profits and Driving Korbit BTC Sales
South Korea’s top five won-based crypto exchanges saw daily trading volume fall 88% year-on-year to KRW 412.7 billion ($280 million) as of July 20, according to ZDNet Korea.
The volume decline eroded fee revenue, with Upbit operator Dunamu reporting a 55% drop in first-quarter revenue and a 78% fall in operating profit. Korbit also sold 15 BTC and 60 ETH in early July for roughly KRW 1.6 billion ($1.08 million), completing a third asset sale this year to fund operations.
From the sources (3 posts)
@wublockchainSouth Korea’s Top Five Crypto Exchanges See Volume Plunge 88% as Korbit Sells 15 BTC and 60 ETH to Fund Operations According to ZDNet Korea, daily trading volume across South Korea’s five major won-based crypto exchanges fell 88% year-on-y
@the_newscrypto🚨 UPDATE: 🇰🇷 South Korea’s five largest won-based crypto exchanges have seen daily trading volumes plunge 88% year-on-year to KRW 412.7 billion ($280M). The drop has contributed to a 78% decline in Q1 operating profits for Upbit operator D
@btclivecoJUST IN: 📉 South Korea's top 5 KRW crypto exchanges saw daily volume collapse 88% year-on-year to ~KRW 412.7B (~$280M). Separately, Korbit liquidated 15 BTC and 60 ETH to fund operations.