Major South Korean crypto exchanges saw a loss in 2018, except Upbit

South Korean cryptocurrency exchanges just released their profit & loss (P&L) for the year 2018.

Among the major exchanges, only Upbit that reported a net profit of over $87.95 million, which already took into account the crypto prices decline loss.

Dunamu Inc., Upbit’s operator saw a twofold growth in sales and operating profit from 2017, as reported by Business Korea.

The gained profit, however, is said to be much related to Upbit’s commission policy that minimizes the total amount of their crypto holdings, which made them to have less crypto on hand than the other exchanges.

BTC Korea.Com Co., the operator of Bithumb, on the other hand, recorded a net loss of $180.65 million, $199.47 million of which was a result of crypto valuation losses.

The 17.5% sales growth didn’t seem to make up as the recently hacked exchange’s operating profit saw a 3.4% decrease within 2018.

Read more: Bithumb records $180 million net loss in 2018

Coinone is also another victim of the extended bear market as they filed a net loss of $5.10 million. The loss came as a combination of a rapid sales drop, losses on operational, crypto valuation and disposition.

The largest loss in 2018, however, was seen by Korbit. The exchange recorded a massive $40.28 million net loss, that included losses on valuation of cryptocurrencies and losses on disposition.

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