These profits came despite UPbit being raided by South Korean government authorities last May after they received a tip that the exchange was defrauding investors by processing trades without actually holding the funds. However, the outcome of this raid, internal audits, and further investigations revealed the exchange’s books are in order.
This news comes in the same report showing that competing exchange Bithumb was able to rake in 39.34 billion won (~$35 million) in the first half of this year. Bithumb earned these profits despite a hacking event in June that resulted in about $30 million worth of cryptocurrencies stolen from the platform.
This significant trading volume, even with an ongoing bear market, fits the trend that Asian investors continue to drive the majority of crypto trading activity. In fact, a recent report revealed that investors living in Asian countries now contribute over 72% of all cryptocurrency trading volume.
These massive profits will likely see a boost if the market is able to return to 2017 form. Currently, Bitcoin makes up 56.1% of the AltDex 100 Index (ALT100), a benchmark index for the industry’s leading cryptocurrencies and tokens, meaning that altcoin market is continuing to consolidate. This may bode well for future market health and growth.
More: Yonhap Report
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.